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N806 billion (previous: c.N1 trillion), Interbank Call rate spiked to 18.67% (previous: 2.21%). At the new FX Inter-bank market, the naira depreciated NGN56.05 to close at NGN255.10/USD. Also, in a bid to clear the demand backlog, the CBN sold c.USD 532 million at the Special Secondary Market Intervention Sales (SMIS), pegged at an exchange rate of NGN280/USD.Trading in the T-bills market opened on a bearish note as sell offs (weighted to the short of the curve) overwhelmed modest demand on select maturities. Overall, yields rose 93bps on average across maturities with the 10DTM (+375bps) and 38DTM (+409bps) recording the most sizeable advances to close at 4.89% and 8.46% respectively. Similarly, the bond market maintained a mixed trading pattern (with a bearish bias) as yields climbed 39bps on average across maturities. Particularly, yield on the 15.10% FGN APR 2017 rose up 54bps to 11.82% whilst yields on 16.00% FGN JUN 2019 and 16.39% FGN JAN 2022 declined 24bps and 13bps to close at 14.16% and 14.29% respectively.We expect the mixed trading pattern to persist in tomorrow’s session as investors stay cautious.
Nigeria_Fixed Income Daily: bearish sentiment persists at week open
Market commentary
Following a moderation in system liquidity to c.
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