The Bond market turned firmly bullish on Friday as market players viewed positively the news of the re-appointment of the CBN governor for another five year term.
Expectations for a further decline in OMO stop rates also supported a further decline in yields, which fell by c.9bps on the day.
The market witnessed the most interest on the 2021s, 2028s and 2037s, with yields breaking the below the 14.50% mark to trade as low as c.14.30%.
Stakeholders expect demand interests to persist in the near term with expectations for further moderation in short term OMO rates.
The Nigerian Senate President, Bukola Saraki, read a letter from President Muhammadu Buhari confirming the reappointment of Godwin Emefiele as the Governor of the Central Bank for a second term of five years.
