THUR, NOV 02 2023-theGBJournal|Trading in the T-bills secondary market was calm, as the average yield remained at 11.1%.
Across the curve, the average yield was flat at the short and mid segments but pared at the long (-1bp) end due to mild interest in the 329DTM (-1bp) bill. Elsewhere, the average yield was unchanged at 12.0% in the OMO segment.
The FGN bond secondary market remained bearish, as the average yield expanded by 3bps to 15.4%.
Across the benchmark curve, the average yield contracted at the short (-6bps) end following demand for the MAR-2025 (-59bps) but increased at the mid (+10bps) and long (+5bps) segments due to sell-offs of the APR-2029 (+13bps) and MAR-2050 (+51bps) bonds, respectively.
The naira depreciated by 0.9% to N793.28/USD today at the Nigerian Autonomous Foreign Exchange Market (NAFEM) after Wednesday’s rally by 3.7% to N786.02/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The overnight lending rate expanded by 348bps to 20.6%, following the debits for the OMO auction (N77.20 billion) conducted yesterday.
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