To the benefit of those that have access to the CBN dollar rationing, the naira gained 0.13% in the I & E market from the previous day's position of NGN414.80/USD to close at NGN414.25/USD.
It remained unchanged at NGN411.76/USD in the interbank market, while it fluctuated between NGN573.00/USD and NGN569.00/USD in the parallel market.
The overnight lending (O/L) rate decreased by 75bps to close at 13.5%, as against its previous day’s close of 14.3%. This change was influenced by the absence of significant funding pressure on the system.
The NTB secondary market traded quietly as the average yield stayed at 4.5%.
Similarly, the average yield stayed at 5.5% in the OMO segment.
Trading in the treasury bond secondary market ended slightly bearish as the average yield still maintained its previous day's position of 11.4%.
Across the benchmark curve, the average yield remained flat in the mid-segment but contracted at the short (-6bps) and long (-1bps) ends as market participants sold off demand for the JUL-2030 (+3bps) and APR2037 (+21bps) bonds, respectively.
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