THUR 15 JULY, 2021-theGBJournal-The overnight lending rate contracted by 725bps to 7.3%, following inflows from the maturing JUL-2021 bond (NGN561.05 billion) and FGN bond coupon payments (NGN40.68 billion).
The NTB secondary market closed with bearish sentiments, as the average yield expanded by 7bps to 7.1%. Across the benchmark curve, average yield expanded at the short (+26bps) end following sell-off of the 77DTM (+33bps) bill but pared at the long (-1bp) end following demand for the 301DTM (-9bps) bill; the mid segment closed flat. Elsewhere, the average yield at the OMO segment closed flat at 9.5%.
Trading in the Treasury bond secondary market was bullish, as the average yield contracted by 25bps to 11.4%. Across the benchmark curve, average yield contracted at the short (-62bps) and long (-7bps) ends following demand for the JUL-2021 (-353bps) and MAR-2035 (-15bps) bonds, respectively. Conversely, the mid segment closed flat.
Meanwhile, the naira was flat at NGN411.20/USD and NGN505.00/USD at the I&E window and parallel market, respectively.
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