The naira depreciated by 0.1% and 0.07% to NGN416.25/USD and NGN413.79/USD in the I & E window and the CBN interbank market, while it gained strength in the parallel market as it fluctuated around NGN560/USD and NGN565/USD.
Inflation figures from the Nigerian Bureau of Statistics (NBS) still stayed at 15.40% as we await an updated figure from the agency, while the Monetary Policy Rate (MPR) stayed at 11.50%.
The gross external reserve stayed at USD40.53 billion. We still remain hopeful of an increase due to the huge inflow coming from the increase in crude oil prices.
In the money market, the overnight lending rate was contrasted by 100 bps to 4.3% following the absence of any funding pressure on the system.
The average yield of the NTB secondary market stayed at 4.4%, albeit with a bullish focus.
Similarly, the average yield expanded by 4bps to 5.5% in the OMO segment.
Trading in the treasury bond secondary market ended slightly bearish as the average yield expanded by 0.8% to close at 11.4%.
The average yield increased marginally at the short end (+4bps) to close at 11.50%, reflecting profit-taking pressure at the APR-27-2023 (+13bps), while the yield remained flat at the mid-end.