At the FX inter-bank market, both the spot rate and the one year forward rate remained unchanged at N305.00 and N355.00 respectively.
The T-bills market once again traded bearish as yields rose 18bps on average. Short-dated bills bore the brunt of the expected liquidity squeeze as yields on the 51DTM (+81bps), 72DTM (+119bps), and 79DTM (+89bps) bills advanced to 17.16%, 17.04%, and 19.09% respectively. Similarly, the bond market traded bearish with yields on benchmarks bonds up 5bps on average.
The largest advances were recorded at the short end of the space with yields on the 16.00% FGN JUN 2019 and 15.54% FGN FEB 2020 bonds advancing 11bps and 9bps to close at 14.65% and 15.08% respectively.
As tight liquidity continues to constrain demand, analysts at Vetiva Capital Management Ltd in Victoria Island. anticipate a cautious trading session as market participants eye the Primary Market Auction scheduled for tomorrow.