Trade in Nigerian bonds was affected by a technical fault that traders said may persist to next week.
Trade on local debt was stalled after
the glitch affected central bank’s trading platform, traders said,
adding that they were concerned the problem that started on Wednesday
could run into next week, threatening bond settlement in the interbank.
“(There is) no trading currently going
on in the market as a result of the unresolved technical glitch on the
central bank’s platform,” one dealer said.
For the periods that the market traded
normally this week, yields trended downward after a total of 570 billion
naira ($3 billion) in matured bonds was paid out, with many investors
keen to re-invest in the market, traders said.
“We have seen fresh interest by some
offshore investors, mostly a roll over of matured funds and local
pension, which has driven up demand for local debt before the glitch,” a
senior traders said, referring to a technical fault that hit trading.
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