The Naira at the Nigerian Foreign Exchange Market (NFEM) appreciated by 0.48 per cent to close on Wednesday at N1,451 against the dollar from N1,458 against the dollar it closed for trading on Tuesday.
However, the overnight lending rate contracted by 18 basis points to 24.9per cent in the absence of any significant inflows into the system.
Activities in the Treasury bills secondary market were quiet as the average yield remained unchanged at 16.4per cent.
Across the curve, the average yield contracted at the short (-1bp) and mid (-1bp) segments, driven by the demand for the 92DTM (-1 basis points) and 169DTM (-1 basis points) bills, respectively, but expanded at the long (+1 basis points ) end, due to profit-taking activities on the 323DTM (+22 basis points) bill.
Meanwhile, the average yield contracted by 18 basis points to 21.5per cent in the OMO segment.
Elsewhere, the FGN bond secondary market traded on a calm note as the average yield remained unchanged at 15.4per cent.
Across the benchmark curve, the average yield expanded at the short (-1 basis points) end, reflecting the sell-off of the FEB-2031 (+6 basis points) bond but remained unchanged at the mid and long segments.
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