The Naira at the official foreign exchange rate depreciated by 0.15per cent on Monday to close N1,535.93 against the dollar from N1,533.67 against the dollar it closed last week.
Last week, the Naira at the Nigerian Foreign Exchange Market (NFEM) rate opened trading at N1,531.95 against the dollar, gaining 0.1 per cent from N1,533.67 it closed for trading.
However, the overnight lending rate remained unchanged at 27 per cent, closing at a net long position of N313.92 billion.
The NTB secondary market traded on a bullish note, as the average yield contracted by 3basis points to 17.9per cent.
Across the curve, the average yield contracted at the short (-7 basis points) and mid (-7 basis points) segments, driven by demand for the 87DTM (-37 basis points) and 101DTM (-73 basis points) bills, respectively, while it was unchanged at the long end.
Similarly, the average yield contracted by 9bps to 24.5per cent in the Open Market Operation (OMO) segment.
Elsewhere, the FGN bond secondary market traded on a bearish note, as the average yield expanded by 3bps to 16.3per cent.
Across the benchmark curve, the average yield contracted at the short (-5 basis points) end, driven by the demand for the APR-2029 (-36 basis points) bond, but expanded at the mid (+2 basis points) and long (+9bps) segments due to profit-taking activities on the APR-2032 (+6 basis points) and APR-2037 (+53 basis points) bonds, respectively.
Related