MON JAN 20 2025-theGBJournal| Proceedings in the FGN bond secondary market were quiet, albeit with a bearish tilt, as the average yield inched higher by 1bp to 19.7%.
Across the benchmark curve, the average yield expanded at the short (+2bps) and mid (+1bp) segments due to a sell-off on the JAN-2026 (+5bps) and FEB-2031 (+3bps) bonds, respectively.
Meanwhile, the average yield closed flat at the long end.
The overnight lending rate contracted by 5bps to 32.8% following inflows from FGN bond coupon (N66.11 billion).
The NTB secondary market traded on a bullish note, as the average yield contracted by 5bp to 25.2%.
Across the curve, the average yield declined at the short (-5bps), mid (-5bps) and long (-6bps) segments following demand for the 66DTM (-5bps), 171DTM (-5bps) and 353DTM (-6bps) bills, respectively.
Similarly, the average yield declined by 7bps to 28.3% in the OMO segment.
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