The Naira depreciated by 0.1% and 0.03% to close at NGN415.75/USD, and NGN416.36/USD in the I & E exchange window, and the CBN interbank market, while the Naira still hovered around NGN570/USD and NGN573/USD in the parallel market.
In the money market, the overnight lending rate contracted by 575bps to close at 2.25%, up from its previous session figure of 8.00%, following an inflow of matured OMO securities.
Worrying times for the country, as the country's external reserves continue to fall despite increased revenue from crude oil sales. Thus, the external reserve lost another USD30 million as it dropped to USD40.12 billion, primarily due to fuel subsidy issues.
All other economic parameters, such as the MPR/Lending Rate and the inflation rate, stayed at 11.50% and 15.63%, respectively.
The average yield of the Nigerian Treasury Bill (NTB) secondary market remained unchanged at 4.4%.
Similarly, the average yield remained unchanged at 5.2% in the OMO segment.
Finally, in the secondary market for treasury bonds, the average yield remained unchanged at 11.5%, while the average yield increased at the short end by +4bps as traders sought the APR-27, 2023 bond, while remaining flat at the mid and long ends.
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