The overnight lending rate bloated 392 bps to 16.50%, from 12.58% in the previous session, amid persisting strain on market liquidity.
Proceedings were bullish in the NTB market, as average yield dropped 4 bps to 12.73%.
Buy sentiment was concentrated at the mid (-15 bps) segment of the curve, with the yield on the 93DTM (-125 bps) bill moderating significantly.
On the flip side, yields expanded at the short (+3 bps) and long (+1 bp) ends of the curve, driven by selloffs of the 23DTM (+49 bps) and 275DTM (+47 bps) bills, respectively.
At the NTB auction scheduled for tomorrow, the CBN will offer NGN180.86 billion – NGN6.22 billion of the 91-day, NGN50.00 billion of the 182-day, and NGN124.64 billion of the 364-day – worth of bills to the market, InvestAdvocate reports.
The bond market also traded on a bullish note, as average yield moderated by 7 bps to 13.31%.
Yields contracted across all ends of the curve – short (-8 bps), mid (-11 bps), and long (-4 bps) – driven by demand for the JAN-2022 (-19 bps), JAN-2026 (-13 bps), and JUL-2030 (-10 bps) bonds, respectively.
