Naira firms up by 0.13% at I&E window
At the I&E Window of the foreign exchange market, the naira appreciated by 0.13 per cent on Wednesday as the dollar was quoted at N411.22 against the last close of N411.75.
At the FMDQ spot market, the local currency appreciated by 0.01 per cent to N411.18 for the greenback as most participants maintained bids of between N400 and N412.50 to the dollar.
T-BILL Market
The Nigerian treasury bills secondary market closed on a negative note with the average yield across the curve increasing by 17 basis points to close at 7.03 percent from 6.86 percent on the previous day. The average yields across medium-term and long-term maturities expanded by 36 basis points and 19 basis points, respectively.
However, the average yield across the short-term maturities closed flat at 4.58 percent. Yields on 10 bills advanced with the 17-Mar-22 maturity bill recording the highest yield increase of 48 basis points, while yields on 10 bills remained unchanged.
OMO Market
At the OMO bills market, the average yield across the curve declined by 23 basis points to close at 9.53 percent as against the last close of 9.76 per cent.
Buying interest was seen across short-term and medium-term maturities with average yields falling by 48 basis points and 26 basis points, respectively.
However, the average yield across the long-term maturities closed flat at 10.17 percent. Yields on 15 bills compressed with the 10-Aug-21 maturity bill recording the highest yield decline of 78 basis points, while yields on 9 bills remained unchanged.
BONDS Market
The FGN bonds secondary market closed on a mildly negative note on Wednesday, as the average bond yield across the curve cleared higher by 8 bps to close at 9.82 percent from 9.74 percent on the previous day.
Average yields across short tenor, medium tenor, and long tenor of the curve expanded by 9 basis points, 2 basis points, and 5 basis points, respectively.
The 15-JUL-2021 maturity bond was the best performer with a decline in yield of 30 basis points, while FGNSB 15-JAN-2022 and FGNSB 16-JAN-2022 bonds were the worst performers with an increase in yield of 41 basis points each.
