In the just concluded week, CBN issued a total of N170 billion at the OMO auction to drain sytem liquidty given the maturing OMO bills worth N226.31 billion. Given the net inflows worth N56.31 billion, NIBOR moderated for all tenor buckets.
Specifically, NIBOR for , 1 month, 3 months and 6 months placement tenors fell to 0.61% (from 1.72%), 0.46% (from 0.75%), 0.55% (from 0.81%) and 0.77% (from 0.92%) respectively. Elsewhere, NITTY rose for all maturities tracked amid sell pressure as traders sought higher yields.
Yields for 1 month, 3 months, 6 months and 12 months maturities expanded to 0.22% (from 0.12%), 0.33% (from 0.25%) and 0.52% (from 0.47%), 0.94% (from 0.90)% respectively.
In the new week, T-bills worth N377.44 billion will mature via the primary and secondary markets to more than offset the T-bills worth N187.29 billion which will be auctioned by CBN via the primary market; viz: 91-day bills worth N7.5 billion, 182-day bills worth N54.92 billion and 364-day bills worth N125.20 billion. We expect the stop rates of to increase.