…The overnight lending rate contracted by 179bps to 27.1% following inflows from FGN bond coupon (N216.17 billion).
MON JUNE 23 2025-theGBJournal| The Nigerian naira strengthened on Monday against the U.S dollar at the official FX market rising 0.1% to N1,546.00/US$1, supported by inflows from foreign portfolio investors (FPIs).
The currency closed last Friday by 0.13% w/w to N1,544.63 against the US Dollar, also supported by inflows from foreign portfolio investors (FPI), exporters, and non-bank corporates.
However, in the parallel market, the Naira continues to lag. It dipped against the Dollar by 0.31%, closing at N1,605/US$1 showing an increasing divergence between the
official and parallel rates.
At the fixed income market, the FGN bond secondary market traded on a bullish note, as the average yield contracted by 4bps to 18.2%.
Across the benchmark curve, the average yield contracted at the short (-17bps) and long (-2bps) ends, driven by demand for the MAR-2027 (-38bps) and JUN-2053 (-14bps) bonds respectively, but expanded at the mid (+7bps) segment due to sell pressures on the APR-2032 (+58bps) bond.
The Treasury bill secondary market were bullish, as the average yield contracted by 4bps to 20.4%. Across the curve, the average yield contracted at the short (-3bps), mid (-3bps) and long (-5bps) segments, driven by the demand for the 87DTM (-3bps), 178DTM (-4bps) and 346DTM (-23bps) bills, respectively.
Similarly, the average yield contracted by 6bps to 26.6% in the OMO segment.
The overnight lending rate contracted by 179bps to 27.1% following inflows from FGN bond coupon (N216.17 billion).
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