…The local currency also gained at close of trade at the Nigerian Autonomous Foreign Exchange Market
…The overnight lending rate expanded by 644bps to 23.9%, in the absence of any significant funding pressure on the system.
TUE, FEB 20 2024-theGBJournal| The Treasury bonds secondary market closed on a bullish note, following the record N1.495 trillion raised during the February 2024 Bonds Auction by the Debt Management Office.
The average yield dipped by 4bps to 16.2%, and across the benchmark curve, the average yield declined at the short (-14bps) end as investors showed interest in the MAR-2024 (-83bps) bond.
Meanwhile, the average yield was unchanged at the mid and long segments.
At the Treasury bills secondary market, trade was mixed, albeit with a bullish tilt, as the average yield declined by 1bp to 15.44%.
Across the curve, the average yield closed flat at the short end but pared at the mid (-1bp) and long (-1bp) segments due to demand for the 170DTM (-1bp) and 352DTM (-1bp) bills, respectively. Similarly, the average yield contracted by 1bp to 17.8% in the OMO segment.
The local currency also gained at close of trade at the Nigerian Autonomous Foreign Exchange Market (NAFEM). It gained 3.1% to N1,551.24/US$ as against its Monday close of N1,598.54/US$.
At the money market, the overnight lending rate expanded by 644bps to 23.9%, in the absence of any significant funding pressure on the system.
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