Mixed Reactions At Bond As Investors Await Release of April Inflation Data

Bond market
The market resumed this week on a quiet note, few sales were witnessed on long dated maturities especially the 2021 and 2034 FGN bond maturities.
Players anticipate a decline in inflation figure to be released this week hence, we expect to see a mixed market. Average yields closed at 13% levels.

Treasury bills.
It recorded a mixed market with sales on medium and long maturities. Some local and offshore investors purchased bills with high yield to make positive spread in the coming days. However, yields are expected to dip in the secondary market following OMO maturities on Thursday.

The OBB and Overnight rates recorded a significant increase of 150% and 164.17% as banks were scouting for liquidity to fund their respective Portfolios. The Interbank rate remained stable at its previous rate of N305.80/$, even as the CBN intervened in the market with a total Sale of $210m.