Thursday, June 24, 2021

    NIBOR Falls for Most Maturities amid Financial System Liquidity Boost…

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    Naija247news Media, New York
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    In the just concluded week, treasury bills worth N224.45 billion which matured via the Open Market Operation (OMO) resulted in a boost in financial system liquidity – in the absence of sales of money market instruments.

    Despite the liquidity boost, NIBOR for all maturities rose: NIBOR for overnight, 1 months, 3 months and 6 months increased to 9.50% (from 1.40%), 1.23%
    (from 0.94%), 1.65% (from 0.95%) and 1.52%
    (from 1.47%) respectively.

    Elsewhere, NITTY further moved northward for most maturities tracked, especially yields for 1 month, 3 months and 6 months maturities which increased to 0.26% (from 0.22%), 0.57% (from 0.25%) and 0.52% (from 0.29%) respectively. However, yield on 12 months maturity fell to 0.59% (from 0.62%).

    In the new week, T-bills worth N167.81 billion will mature via the primary which will equate T-bills worth N167.81 billion to be auctioned by CBN via the primary market; viz: 91-day bills worth N19.78 billion, 182-day bills worth N40.09 billion and 364-day bills worth N107.93 billion.

    Hence, we expect the stop rates of the issuances to decline amid demand pressure.

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