Despite the Omicron Coronavirus scare, the naira stayed flat at all exchange windows as it exchanged for NGN415.07/USD, NGN411.64/USD, and NGN555.05/USD at the I & E, interbank, and parallel markets, respectively.
However, the overnight lending rate rose by 250 basis points to 17.8% on Tuesday, up from 15.25% on Monday. This was caused by a huge inflow of funding pressure on the system from matured OMO maturities.
The NTB secondary market traded quite bullishly as the average yield contracted by 6 basis points to 4.8%.
Bonds in the secondary market average yield were slightly bullish across the benchmark trade curve, with a 1bp move moving the yield to 3.41% for JAN-2022, while it was slightly bearish for APR-2023 and MAR-2024, with yields declining by 1bp to 8.22% and 9.32%, respectively.
Elsewhere, the average yield in the OMO segment remained flat at 5.5%.
Finally, the NTB secondary market remained flat at the short and mid-segment yields, while yields fell by +1.14%, falling from 6.55% (NOV-29) to 5.42%.
|Currencies||Buy Rate||Sell Rates|
|USD - NGN||415.23||416.23|
|EUR - NGN||457.42||458.52|
|GBP - NGN||547.98||549.30|