Post Views: 58 Transaction volume in the Investors and Exporters’ Window of the interbank market on Monday fell by a significant 73.76% to $77.57m, tr...
Transaction volume in the Investors and Exporters’ Window of the interbank market on Monday fell by a significant 73.76% to $77.57m, traded within the NGN350-NGN361.00/US$ band.
The bond market commenced on a bullish note with drop in yields across some tradable maturities. FGN Bond were purchased by both local and foreign investors especially on 2027 maturities. This bullish trend is unlikely to persist on Tuesday as players reposition their portfolios ahead of the NTB primary auction scheduled for Wednesday.
Average yields for the day closed at 13%.
The market also recorded a huge demand pressure, which was notably on the short to medium-term maturities owing to improved liquidity in the system. Mixed sentiment is likely to persist ahead of the Primary Market Auction scheduled for Wednesday and the Open Market Operation (OMO) maturities billed for Thursday.
The OBB and Overnight rates remained stable to close at 2.33% and 3.00%, as a result of liquidity. Rates are likely to remain stable, as there are no major funding pressures.