MON OCT 07 2024-theGBJournal| The NTB secondary market traded with bearish sentiments as the average yield expanded by 15bps to 23.0% on Monday.
Across the curve, the average yield declined at the short (-3bps) and mid (-4bps) segments, following demand for the 66DTM (-4bps) and 171DTM (-5bps) bills, respectively.
Meanwhile, the average yield expanded at the long (+34bps) end due to profit-taking activities on the 332DTM (+199bps) bill. Elsewhere, the average yield declined by 4bps to 24.6% in the OMO segment.
Proceedings in the FGN bond secondary market was quiet as the average yield remained unchanged at 18.8%.
Across the benchmark curve, the average yield declined at the short (-2bps) end due to buying interest in the MAR-2025 (-14bps) bond.
Meanwhile, the average yield closed flat at the mid and long segments.
The naira depreciated by 0.2% to N1,635.15/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The overnight lending rate expanded by 3bps to 32.8% in the absence of any significant funding pressure on the system.
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