Owing to buying pressure, the average bond yield declined by 0.12 per cent, to settle at 13.48 per cent at the close of trading on Wednesday. Due to the buying pressures prevalent in the Treasury bond space, all instruments recorded yield declines, save for the February-2020 and January-2022 bonds which traded flat. Riding on respective declines of 2.47 per cent and 2.64 per cent in the open buy-back and overnight rates, the average money market rate pared by 2.56 per cent, to close at 14.22 per cent.
Activities in the secondary market for Treasury Bills were mixed, as three tenors recorded yield declines while two instruments recorded yield advancements. Consequently, the average T-bills yield remained unchanged, to close the day at 14.64 per cent.
The naira strengthened against the dollar, appreciating by 0.02 per cent at the interbank foreign exchange market to close at N305.85/dollar, while it traded flat at the parallel FX market to close at N363/dollar, according to Meristem data.
(Punch)
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