THUR MARCH 20 2025-theGBJournal| The naira official FX rate fell by 0.1% to N1,540.00/USD on Wednesday but stayed stable at the parallel market.
At the parallel market it saw a marginal fall with the currency quoted at N1,579/US$1, holding its nerves despite recent oil pipeline explosion which many feared will trigger more uncertainties in the foreign exchange market.
The Treasury bond secondary market were quiet Wednesday with a bearish tilt, as the average yield expanded by 1bp to 18.5%.
Across the benchmark curve, the average yield contracted at the short (-2bps) end following the demand for the JUL-2030 (-14bps) bond but expanded at the mid (+6bps) segment due to the sell-off of the JUN-2033 (+28bps) bond. The average yield remained unchanged at the long end.
Similarly, the Nigerian treasury bills secondary market traded on a calm note, albeit with a bullish undertone, as the average yield contracted by 1bp to 19.1%. Across the curve, the average yield declined at the short (-1bp), mid (-1bp) and long (-1bp) segments, driven by demand for the 78DTM (-1bp), 176DTM (-1bp) and 337DTM (-1bp) bills, respectively. Conversely, the average yield increased by 12bps to 22.5% in the OMO segment.
Meanwhile, the overnight lending rate expanded by 2bps to 32.9% in the absence of any significant funding pressure on the system.
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