THUR 17 MARCH, 2022-theGBJournal| Activities in the Treasury bills secondary market were quiet, as the average yield closed flat at 3.3%. At yesterday’s NTB auction, the Central Bank of Nigeria (CBN) offered N58.04 billion for sale with a total subscription of NGN364.65 billion.
Accordingly, the CBN allotted N5.91 billion of the 91-day, N6.85 billion of the 182-day, and N159.85 billion of the 364-day bills – at respective stop rates of 1.74% (previously 1.75%), 3.00% (previously 3.28%), and 4.00% (previously 4.10%). Elsewhere, the average yield expanded by 2bps to 3.8% at the OMO segment.
The Treasury bond secondary market closed on a bearish note, as the average yield expanded by 5bps to 10.5%. Across the benchmark curve, the average yield contracted at the short (-9bps) end following buying interest in the APR-2023 (-34bps) bond; but expanded at the mid (+23bps) and long (+2bps) segments as market participants sold off the APR-2029 (+36bps) and MAR-2035 (+16bps) bonds, respectively.
Meanwhile, the overnight lending rate expanded by 8bps to 5.3%, following debits for net NTB issuances (NGN114.57 billion).
At the currency market, the naira stayed flat at NGN416.67/USD at the I&E window.
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