Naira depreciates in I&E window
In the foreign exchange market, the naira traded at a lower value on Tuesday as the Nigerian currency shed 0.41 per cent, quoted at N411.67 against last close of N410 per dollar.
However, in the official window of the Central Bank of Nigeria (CBN) the local currency was flat at N379 to a dollar.
Trading details revealed that Most participants maintained bids between N402 and N436.55 per dollar.
Treasury Bills
Elsewhere, the NT-Bills secondary market closed on a flat note, with the average yield across the curve remaining unchanged at 4.74 per cent. Average yields across short-term, medium-term, and long-term maturities closed at 2.92 per cent, 3.41 per cent, and 6.32 per cent, respectively.
In the OMO bills market, the average yield across the curve remained unchanged at 7.72 per cent. Average yields across short-term, medium-term, and long-term maturities closed at 4.31 per cent, 6.82 per cent, and 9.26 per cent, respectively.
Bond market
Meanwhile, the FGN bonds secondary market closed on a negative note today as the average bond yield across the curve cleared higher by 43 basis points to close at 8.66 per cent from 8.23 per cent on the previous day.
Average yields across short tenor, medium tenor, and long tenor of the curve widened by 55 basis points, 7 basis points, and 6 basis points, respectively.
The 27-MAR-2050 maturity bond was the best performer with a decrease in the yield of 3 basis points, while the 27-APR-2023 maturity bond was the worst performer with an increase in the yield of 156 basis points.
