Naira appreciates by 1.03% to N773.42/ at I&E window

The naira on Wednesday appreciated   by 1.03per cent to N773.42 against the dollar  at the Investors & Exporters (I&E) foreign exchange window from N781.49 against the dollar                  

Meanwhile, the overnight lending rate remained at 24.8per cent, as the system liquidity closed in a net short position (N212.08 billion).

The NTB secondary market traded on calm note as participants stayed on the sidelines in anticipation of the outcome of today’s NTB PMA.

Consequently, the average yield closed flat at 8.3per cent. Similarly, the average yield was unchanged at 11.2 per cent in the OMO segment.

Meanwhile, the FGN bond secondary market closed on a bearish note, as the average yield expanded by two basis points to 14.1per cent.

Across the benchmark curve, the average yield expanded at the short (+8basis points) and long (+1basis point) ends as investors sold off the FEB-2028 (+41bps) and MAR-2050 (+7basis points) bonds, respectively.

The average yield declined at the mid (-2basis points) segment following demand for the APR-2029 (-six basis points) bond.