In the just concluded week, CBN refinanced N100 billion worth of OMO bills from matured T-bills worth N296.03 billion.
Hence, the financial system liquidity was boosted by the net position of N196.03 billion, with a resultant drop in NIBOR for most tenor buckets.
NIBOR for 1 month, 3 months and 6 months rose to 1.70% (from 2.26%), 1.91% (from 2.70%) and 1.87% (from 3.14%) respectively.
However, NIBOR for Overnight funds rose to 13.00% (from 1.25%).
Elsewhere, NITTY further moved southward for all maturities tracked amid demand pressure.
Specifically, yields for 1 month, 3 months, 6 months and 12 months maturities moderated to 0.40% (from 0.54 %), 0.49% (from 0.57%), 0.58% (from 0.84%) and 1.10% (from 1.57%) respectively
In the new week, T-bills worth N490.46 billion will mature via the primary and the secondary markets which will outweigh T-bills worth N154.37 billion to be auctioned by CBN via the primary market; viz: 91-day bills worth N49.84 billion, 182-day bills worth N10.62 billion and 364-day bills worth N93.92 billion. Hence, we expect the stop rates of the issuances to decline amid demand pressure even as N336.09 billion worth of OMO bills mature.