The naira closed on a bearish note as it depreciated by 0.20% from its previous day position of NGN415.75, to exchange at NGN414.80/USD in the I & E market.
It stayed stable at NGN411.76/USD at the CBN interbank market, while it continues to fluctuate between NGN573.00/USD and NGN569.00/USD at the parallel market.
The overnight lending (O/L) rate expanded by 25bps to close at 14.3% as against the previous day of 14.00%. This change was caused by funding pressure exceeding matured OMO maturities valued at NGN40 Billion.
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 at the treasury bond secondary market ended the day mixed, although slightly bullish, as the average yield dipped by 3bps to close at 11.4%.
Across the benchmark curve, the average yield stayed flat slightly at the mid-segment but contracted at the short (-6bps) and long (-1bp) ends following investors’ demand for the APR-2023 (-52BPS), MAR-2024 (-1bps), APR-2037 (+1bp), and APR-2049 (+1bp) respectively.
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