Market trades quietly positive as CBN refrains from mop-up   

March 29 (Lagos) - In spite of the ?309 billion system liquidity at market open, the CBN once
again held off from conducting an OMO auction, even as N 61 billion hit the system via OMO maturities. Supported by the net inflow, the Interbank Call rate declined 507bps to settle at 10.07%.

Meanwhile, although trading in the T-bills space was largely quiet, yields declined 3bps on average, with mild buy-side activity observed at the mid-to-longer end. Notably, yields on the 196DTM and 322DTM bills declined 22bps apiece to settle at 14.07% and 14.56% respectively.

Concurrently, the bond market also traded positive, with average benchmark yields declining 11bps once again. Specifically, the yields on the 12.75% FGN APR 2023 and 13.53% FGN MAR 2035 bonds declined 36bps and 27bps respectively to settle at 13.81% and 13.99%.

reporting for on Friday, March 29 2019 from Lagos, Nigeria

Source - analysts at Vetiva Capital Management Ltd in Victoria Island
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