THUR 10 MARCH, 2022-theGBJournal-Trading in the NTB secondary market was mixed albeit with a bullish bias, as the average yield pared by 2bps to 3.4%. Across the benchmark curve, the average yield was flat at the short and long ends but contracted at the mid (-7bps) segment following market participants’ demand for the 168DTM (-41bps) bill.
At yesterday’s NTB auction, the CBN offered NGN94.00 billion for sale with a total subscription of NGN482.90 billion. Accordingly, the CBN allotted NGN2.32 billion of the 91-day, NGN21.29 billion of the 182-day and NGN212.92 billion of the 364-day bills – at respective stop rates of 1.75% (previously 2.24%), 3.28% (previously 3.30%), and 4.10% (previously 4.35%). Elsewhere, the average yield was flat at 3.9% at the OMO segment.
The Treasury bond secondary market closed on a slightly bearish note, as the average yield expanded by 4bps to 10.5%. Across the benchmark curve, the average yield expanded at the short (+1bp) end as investors sold off the MAR-2025 (+51bps) bond but was unchanged at the mid and long segments.
The overnight lending rate expanded by 8bps to 4.8%, following outflows for net NTB issuances (NGN142.53 billion).
The naira was flat at NGN416.67/USD at the I&E window.
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