Home Money Local currency stays flat at N485/$, Treasury Bonds yield rises at short...

Local currency stays flat at N485/$, Treasury Bonds yield rises at short and mid segments following sell-offs of the JAN-2026

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MON 15 MARCH, 2021-theGBJournal-The naira appreciated by 0.3% to NGN408.90/USD at the I&E window but remained flat at NGN485.00/USD in the parallel market.

The overnight lending rate contracted by 142bps to 12.8%, following inflows from the FGN bond coupon payment (NGN50.84 billion).

Activities at the NTB secondary market traded in a lull, as the average yield was flat at 2.8%. At the OMO secondary market, the average yield declined by 15bps to 6.6%.

The Treasury bonds secondary market was bearish, as the average yield in the space expanded by 14bps to 9.3%. Across the benchmark curve, the average yield increased at the short (+34bps) and mid (+11bps) segments due to sell-offs of the JAN-2026 (+103bps) and MAR-2027 (+46bps) bonds, respectively. Conversely, the average yield declined slightly at the long (-1bps) end due to demand for the APR-2049 (-13bps) bond.

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