Monday, November 29, 2021

    NIBOR Falls for Most Tenor Buckets amid Financial System Liquidity Ease…

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    In the just concluded week, N19.5 billion worth of treasury bills matured via OMO while CBN auctioned N100 billion worth of OMO bills.

    Hence, the net outflows worth N80.50 billion, accounted for the sustained financial system liquidity ease.

    Thus, in line with our expectations, NIBOR moderated for most tenor buckets
    tracked: NIBOR for 1 month, 3 months and 6
    months tenor buckets plunged to 6.01% (from 9.52%), 6.69% (from 10.09%) and 7.48% (from 10.89%) respectively. However, NIBOR for
    overnight funds rose to 8.08% (from 3.25%).

    Meanwhile, NITTY rose for all maturities tracked as investors sold their holdings: yields on 1 month, 3 months, 6 months and 12 months maturities rose marginally to 1.75% (from 1.64%), 2.03% (from 1.82%), 2.39% (from 2.32%) and 3.44% (from 3.15%) respectively.

    In the new week, we expect appreciation of the Naira against the USD, especially at the I&E FX Window amid accretion to external reserves given the IMF loan and Abacha’s loot transfers.

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