WED, 21 SEPT, 2022-theGBJournal| The Nigerian Treasury bills secondary market traded with bullish sentiments, as the average yield dipped by 2bps to 7.6%. Across the curve, the average yield contracted at the short (-4bps) end as participants demanded the 36DTM (-20bps) bills, but was flat at the mid and long segments. Similarly, the average yield contracted by 111bps to 9.4% in the OMO segment.
Trading in the FGN bond secondary market was bearish, as the average yield expanded by 20bps to 12.8%. Across the benchmark curve, the average yield expanded at the short (+41bps) and long (+10bps) ends due to selloffs of the MAR-2024 (153bps) and APR-2037 (+72bps) bonds, respectively. Conversely, the average yield was unchanged at the mid segment.
Meanwhile, the overnight lending rate expanded by 192bps to 13.2%, following the settlement of the September FGN bond auction (NGN229.20 billion).
The naira depreciated by 0.1% to NGN436.50/USD at the I&E window.
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