Average T-bills Yield Closes at 14.84%

• Average T-bills Yield Closes at 14.84%

At the close of trading at the fixed income market on Thursday, the average Treasury bills yield slumped by 0.08 per cent to close at 14.84 per cent, on the back of sustained buying pressures.

The yield on the 12-month instrument closed higher by 0.13 per cent, while trading on other tenors was positive. The one-month, three-month, six-month and nine-month instruments declined respectively by 0.14 per cent, 0.15 per cent, 0.15 per cent and 0.07 per cent.

However, the yield on the 12-month instrument advanced in yield by 0.13 per cent.

Negative sentiment prevailed in the secondary market for Treasury bonds; the average bond yield advanced marginally by 0.01 per cent, to settle at 13.82 per cent. The yields on seven tenors advanced and declined respectively, while others traded flat.

The open buy-back and overnight rates declined by 2.17 per cent and 3.08 per cent, respectively. The average money market rate for the day consequently declined by 2.63 per cent to settle at 10 per cent.

The naira, according to Meristem Asset Management data, depreciated against the United States dollar by 0.16 per cent at the interbank foreign exchange market to close at N306.50. However, the currency traded flat at the parallel foreign exchange market to close at N362/dollar.