Nigeria’s 10-year bonds yield fall to 11-month low on liquidity
October 19, 2015 | 12:31 am| | | Start Conversation
The yield on Nigeria’s 10-year bond fell to 12.90 percent on Friday, its lowest level since last November, down from 13.10 percent on Thursday as excess liquidity in the banking system was funnelled into the bond market, traders said.
The benchmark 2024 bond, which has traded as high as 17.32 percent this year, sold at 13.87 percent at Thursday’s primary auction, traders said.
Banking system liquidity opened at over 1 trillion naira credit on Friday, driving down overnight lending rates to 0.5 percent, traders said, with lenders not willing to deal at the low interbank rates.
Big Read |