MON JULY 07 2025-theGBJournal| The Treasury bill secondary market were bullish, as average yields across the Nigerian Treasury Bills (NTB) fell by 4bps to 19.2% on Monday, driven by buying interest particularly in the OMO segment.
Across the curve, the average yield contracted at the short (-2bps), mid (-5bps) and long (-5bps) segments, driven by the demand for the 80DTM (-3bps), 94DTM (-137bps). and 318DTM (-55bps) bills, respectively.
Similarly, the average yield contracted by 1bp to 25.7% in the OMO segment.
Similarly, the FGN bond secondary market traded on a bullish note, as the average yield contracted by 8bps to 17.2%, primarily influenced by expected inflation moderation as well as demand and supply dynamics.
Across the benchmark curve, the average yield expanded at the short (+8bps) end, driven by the selloffs of the JAN-2026 (+39bps) bond while it contracted at the mid (-8bps) and long (-17bps) segments, driven by demand for the MAR-2035 (-20bps) and MAR-2050 (-30bps) bonds, respectively.
The overnight lending rate contracted by 17bps to 27.3%, in the absence of any significant inflows into the system.
Meanwhile, The official FX rate fell by 0.1% to N1,529.50/US$1 from N1,528.56/US$1, by close of trade Monday.
The resumption of Naira card transactions for international payments by many banks may exert renewed pressure on the exchange rate in the short term.
But they tell the G&BJournal that they anticipate relative stability supported by sustained foreign portfolio inflows and improved FX supply from nonbank corporates and exporters.
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