WED, FEB 21 2024-theGBJournal|The FGN bond yield rose Wednesday and the Naira edged up against the dollar after a mixed day trading that saw treasury bills yield fall.
FGN bond average yield expanded by 19bps to 16.4%. Across the benchmark curve, the average yield advanced at the short (+22bps), mid (+26bps) and long (+15bps) segments as participants sold off the APR-2029 (+131bps), JUL-2030 (+76bps) and MAR-2036 (+153bps) bonds, respectively.
Sentiments in the NTB secondary market were bullish, as the average yield declined marginally by 1bp to 15.4%.
Across the curve, the average yield closed flat at the short end but contracted at the mid (-1bp) and long (-1bp) segments, due to buying interest in the 169DTM (-1bp) and 351DTM (-1bp) bills, respectively. In the same vein, the average yield pared by 1bp to 17.8% in the OMO segment.
Meanwhile, the overnight lending rate expanded by 148bps to 25.4%, following the debits for Monday’s FGN bond auction (N1.49 trillion).
The naira appreciated by 0.6% to N1,542.58/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM). The currency was N1,551.24 on Tuesday.
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