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Treasury Bills yield ticks-up on profit-taking as bonds yield pars by 1bp to 12.9%, Naira falls again at the I&E window

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THUR. 29 DEC, 2022-theGBJournal| Activities in the Nigerian Treasury bills secondary market turned bullish, as the average yield contracted by 8bps to 5.4%.

Across the curve, the average yield expanded at the short (+1bp) end due to profit-taking activities on the 42DTM (+1bp) bill; but contracted at the mid (-23bps) segment as participants demanded the 119DTM (-135bps) bill.

Conversely, the average yield was flat at the long end. Elsewhere, the average yield contracted by 95bps to 3.4% in the OMO segment.

Trading in the Treasury bond secondary market was mixed, albeit with a bullish tilt, as the average yield pared by 1bp to 12.9%.

Across the benchmark curve, the average yield declined at the short (-3bps) end following buying interest in the MAR-2025 (-15bps) bond, but was flat at the mid and long segments.

At the money market, the overnight lending rate contracted by 100bps to 9.8%, in the absence of any significant funding pressure on the system.

Meanwhile, the local currency, the Naira depreciated by 0.1% to close at NGN461.67/USD at the I&E window.

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