TUE 09 MARCH, 2021-theGBJournal- The overnight lending rate declined by 25bps to 11.5%, following inflows into the system from OMO maturities (NGN60.00 billion).
The NTB secondary market was mixed, as market participants position for tomorrow’s auction, where the CBN will likely roll over NGN84.50 billion worth of instruments. Thus, the average yield was flat at 2.1%. Elsewhere, the OMO secondary market’s average yield expanded by 42bps to 6.6%.
The Treasury bonds secondary market closed on a bullish note, as the average yield in the space pared by 2bps to 9.3%. The average yield was unchanged at the short and mid segments across the benchmark curve but declined at the long (-5bps) end due to demand for the benchmark 30-year bond – the MAR-2050 (-17bps) bond.
The naira was flat at NGN412.00/USD at the I&E window and weakened by 0.4% to NGN484.00/USD in the parallel market.