Nigeria’s 5-year bonds were priced higher by 14 basis points (bps) at the primary market auction (PMA)  conducted by the Debt Management Office (DMO) on Wednesday.

Interbank rates eased in the money market following a moderate inflow and signature bonus that boosted the balance in the financial system at the beginning of the week. The market also received N9.52 billion in FGN coupon payments.

The naira depreciated against the US dollar in the official market due to insufficient FX liquidity to meet foreign currency demand. The local currency has been struggling to keep value amidst increasing demand for a preferred foreign currency, the US dollar.

The equities market index climbed as sustained buying interest on major stocks caused investors combined wealth to increase by more than N331 billion

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The Nigerian bonds benchmark yield rose by 5 basis points (bps) in the secondary market last week as investors trimmed holdings