THUR, JUNE 15 2023-theGBJournal |The naira depreciated by 5.4% to N702.19/$ at the I&E window, as it continues to find its real effective range since the collapse of the multiple exchange regime.
Recall that the local currency traded at N664/$ Wednesday, the day Central Bank of Nigeria announced sweeping operational changes to the foreign exchange market.
Similarly, the overnight lending rate contracted by 10bps to 12.1%, in the absence of any significant funding pressure on the system.
Meanwhile, trading in the Treasury bills secondary market was bearish, as the average yield expanded by 2bps to 6.3%.
Across the curve, the average yield expanded at the short (+12bps) end following sell pressures on the 91DTM (+35bps) bill but closed flat at the mid and long segments.
At the same time, proceedings in the Treasury bonds secondary market were quiet, as the average yield closed flat at 13.8%. Across the benchmark curve, the average yield closed flat at the short and mid segments but pared at the long (-1bp) end as investors demanded the APR-2037 (-6bps) bond.
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