restriction

Following the Central Bank of Nigeria’s (CBN) recent restriction of individuals, local corporates and non-bank financial institutions from participating in the primary and secondary markets for open market operations (OMO) securities, there was a strong bullish sentiment in the bonds market last week.

As such, the preceding week’s bearish performance came to a halt with average yield in the domestic market trending lower by 113 basis points (bps) to close at 12.87 per cent.

According to a report by Afrinvest, at the beginning of last week, average yield slumped 20bps. This was sustained on Tuesday and Wednesday as average yield …