In line with our expectation, CBN refinanced N128.10 billion T-bills which matured via the primary market at lower stop rates for all maturities amid demand pressure.
Specifically, stop rates for 91-day, 182-day and 364-day bills rose to 1.10% (from 1.15%), 1.55% (from 1.80%) and 3.05% (from 3.34%) respectively.
Also, additional N265.00 billion worth of T-bills matured via OMO, which less N70.00 billion in OMO auctioned bills, resulted in a total net inflow of N195.00 billion. Hence, given the financial system liquidity boost, NIBOR for 1 month, 3 months and 6 months dropped to 2.48% (from 2.64%), 2.67% (from 3.02%) and 2.93% (from 3.25%) respectively.
However, NIBOR for Overnight funds rose to 15.95% (from 2.94%). Meanwhile, NITTY fell for most maturities tracked in tandem with the stop rates: yields on 1 month, 6 months and 12 months maturities moderated to 1.01% (from 1.15%), 1.37% (from 2.25%) and 2.90% (from 3.12%) respectively.
However, yield on 3 months maturity rose to 1.19% (from 1.15%).