Naira at parallel market trades flat at N411.50/$

By Kayode Tokede

The Naira traded flat at N411.50 against the Dollar and N515.00 against the dollar at the Investors & Exporters Foreign Exchange window (I&E) window and parallel market, respectively.

The overnight lending rate expanded by 17basis points to 17.7per cent in the absence of any significant inflows in the system.

Trading in the NTB secondary market ended on a bullish note, as the average yield contracted by 32basis points to 4.6per cent.

Across the benchmark curve, the average yield was flat at the short end but contracted at the mid (-6bps) and long (-71 basis points) segments as investors bought up the 191DTM (-18 basis points) and 331DTM (-120 basis points) bills, respectively.

Similarly, the average yield at the OMO segment contracted by 10 basis points to 7.6per cent.

The Treasury bond secondary market was also bullish, as the average yield declined by 5bps to 11.5 per cent.

Across the benchmark curve, the average yield contracted at the short (-2 basis points) and mid (-16bps) segments due to demand for the JAN-2022 (-10 basis points) and MAR-2027 (-65 basis points) bonds, respectively; the average yield was flat at the long end.