MON, 14 DEC, 2020-theGBJournal- The Treasury bonds secondary market was also bearish, as average yield expanded by 34bps to 5.0%. Across the curve, average yield expanded at the short (+39bps), mid (+21bps) and long (+38bps) segments, due to profit-taking on the JAN-2022 (+112bps), MAR-2027 (+46bps) and JUL-2034 (+170bps) bonds, respectively.
The NTB secondary market was bearish, as the average yield expanded by 11bps to 0.6%. Across the curve, average yield expanded at the short (+2bps), mid (+10bps) and long (+18bps) segments, following sell-offs of the 87DTM (+5bps), 178DTM (+13bps) and 318DTM (+26bps) instruments, respectively. Conversely, average yield at the OMO secondary market pared by 3bps to 0.4%.
At the FX market, the overnight lending rate expanded by 20bps to 1.1%, following outflows from the system for CBN’s weekly FX Invisibles and SMEs auction.
The naira was flat at NGN394.00/USD and NGN475.00/USD at the I&E window and parallel market, respectively.-with Cordros Research
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