WED, JUNE 14 2023-theGBJournal |The naira depreciated significantly by 29.0% to N664.04/US$ at the I&E window, but reflected the first real hint that the currency is moving towards convergence.
The overnight lending rate contracted by 10bps to 12.2%, in the absence of any significant funding pressure on the system.
Activities in the NTB secondary market were quiet, as participants anticipated the result of today’s primary market auction. Thus, the average yield was unchanged at 6.3%.
The FGN treasury bond secondary market traded with bearish sentiments, as the average yield expanded by 3bps to 13.8%.
Across the benchmark curve, the average yield expanded at the short (+4bps) and long (+4bps) ends as market participants sold off the MAR-2027 (+21bps) and APR-2049 (+19bps) bonds, respectively.
Elsewhere, the average yield was flat at the mid segment.
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