Average T-bills Yield Closes at Two-month High

• Average T-bills Yield Closes at Two-month High

The disposition in the secondary market for Treasury bills was marginally bearish on Thursday as the average yield on the short-term debt instruments settled higher by 0.04 per cent at 15.33 per cent.

Selling pressure prevailed on all the tenors, except the three-month and six-month tenors, which recorded respective drops in yields of 0.38 per cent and 0.05 per cent.

In the Treasury bonds space, however, trading activities were bullish and the average bond yield fell by 0.05 per cent to 13.83 per cent. The yield on the June-2019 instrument ticked upwards by four basis points while the July-2034 instrument traded flat. The yield on all other tenors closed lower.

The naira traded flat against the United States dollar at both the interbank and parallel foreign exchange markets, closing at N305.85 and N363, respectively, according to Meristem Asset Management data.

There was an improvement in system liquidity; the average money market rate dipped by 5.71 per cent to 47.34 per cent, as the open buy-back and overnight rates shed 6.33 per cent and 5.08 per cent, respectively.