TUE 22 JUNE, 2021-theGBJournal- The naira appreciated at the I&E window by 0.4% to NGN410.00/USD but was flat at NGN500.00/USD at the parallel market Tuesday. The Central Bank of Nigeria (CBN) official rate remained unchanged at N410.20/US$
At the money market, the overnight lending rate expanded by 25bps to 19.3%, as funding pressures outweighed inflows from OMO maturities (NGN15.00 billion).
The NTB secondary market was mixed, as the average yield closed flat at 6.4%. Similarly, the average yield at the OMO segment closed flat at 9.7%.
The Treasury bond secondary market traded flat, as the average yield was unchanged at 11.9%. Across the benchmark curve, the average yield contracted at the mid (-4bps) segment due to demand for the MAR-2027 (-9bps) bond, but expanded slightly at the long (+2bps) end due to the sell-off of the MAR-2035 (+14bps) bond; the short end closed flat.
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