THUR 04 FEB, 2021-theGBJournal- The overnight lending rate expanded by 150bps to 13.0%, following outflows for today’s OMO auction.
The NTB secondary market was a tad bearish, as average yield expanded slightly by 1bp to 1.0%. Across the curve, average yield remained flat at the short and mid segments but pared at the long (-2bps) end following buying interest in the 343DTM (-40bps) instrument. At the OMO segment, average yield expanded by 10bps to 2.0%.
The Treasury bonds secondary market remained bullish, as average yield declined by 4bps to 7.8%. Across the curve, average yield contracted at the short (-7bps) and long (-4bps) end, due to demand for the JAN-2022 (-40bps) and MAR-2036 (-20bps) bonds, respectively; the mid-segment was flat.
The naira depreciated by 0.5% to NGN397.63/USD at the I&E window but remained flat at NGN480.00/USD at the parallel market.-With Cordros Research.