MON 04 APRIL, 2022-theGBJournal| Trading in the Treasury bills secondary market was mixed, albeit with a bullish tilt, as the average yield declined by 2bps to 3.2%.
Across the curve, the average yield contracted at the short (-16bps) end as market participants demanded the 52DTM (-79bps) bill, but expanded at the long (+4bps) end following profit-taking on the 206DTM (+33bps) bill.
Conversely, the average yield was flat at the mid segment. Elsewhere, the average yield was unchanged at 3.6% in the OMO segment.
Proceedings in the Treasury bond secondary market were bearish, as the average yield expanded by 16bps to 10.7%. Across the benchmark curve, the average yield expanded at the short (+4bps), mid (+30bps), and long (+19bps) segments, due to selloffs of the MAR-2027 (+28bps), JUL-2030 (+31bps), and MAR-2036 (+36bps) bonds, respectively.
The overnight lending rate contracted by 342bps to 7.3%, in the absence of any significant funding pressure on the system.
At the currency market, the naira was flat at NGN416.63/USD at the I&E window.
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