TUE SEPT 24 2024-theGBJournal| The Treasury bond secondary market closed on a bullish note on Tuesday, as the average yield contracted by 2bps to 18.5%.
Across the benchmark curve, the average yield contracted at the short (-8bps) end driven by buying interests on the MAR-2027 (-40bps) bond but was unchanged at the mid and long segments.
The NTB secondary market were mixed, albeit with a bullish undertone as the average yield pared by 1bp to 20.7%. Across the curve, the average yield contracted at short (-1bp), mid (-1bp) and long (-1bp) segments following buying interests in the 79DTM (-1bp),170DTM (-1bp) and 345DTM (-1bp) bills, respectively. Meanwhile, the average yield expanded by 5bps to 23.7% in the OMO segment.
The overnight lending rate expanded by 8bps to 20.9% in the absence of any significant funding pressure on the system.
Meanwhile, The naira depreciated by 5.8% to N1,658.48/US$1 at the Nigerian Autonomous Foreign Exchange Market (NAFEM), as the performance so far points to a disappointing week.
Last week, the NAFEM window saw a 32bps increase in Naira/US dollar to N1,541.52/US$1 leading to a moderation in the year-to-date depreciation to 41.15% (41.34% the previous week).
The parallel market rate shed 60bps to close at N1,675.00/US$1, while the CBN’s published gross foreign exchange reserves ended the week with a 1.22% gain to close at US$37.39 billion.
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