NIBOR Rose for all Maturities Tracked Despite Net Inflows Worth N34.81 billion…

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In the just concluded week, CBN issued a total of N90.00 billion at the OMO auction to partly drain sytem liquidty given the maturing OMO bills worth N124.81 billion.

Despite the net inflows worth N34.81 billion, NIBOR rose for all tenor buckets.

Specifically, NIBOR for overnight funds, 1 month, 3 months and 6 months rose to 13.00%(from 8.50%), 4.38% (from 2.41%), 7.21%(from 5.12%) and 8.82% (from 6.16%) respectively.

Meanwhile, NITTY moved in mixed directions across all maturities tracked.

Yields for 3 months and 6 months maturities fell to 1.274%(from 1.275%) and 2.11%(from 2.15%) respectively.

However, yields for 1 month and 12 months rose to 0.88%(from 0.74%) and 3.29%(from 3.27%) respectively.

In the new week, T-bills worth N164.50 billion will mature via the primary and secondary markets to more than offset the T-bills worth N84.50 billion which will be auctioned by CBN via the primary market; viz: 182-day bills worth N14.00 billion and 364-day bills worth N70.50 billion. We expect the stop rates of the new issuances to marginally increase.

In the new week, T-bills worth N164.50 billion will mature via the primary and secondary markets to more than offset the T-bills worth N84.50 billion which will be auctioned by CBN via the primary market; viz: 182-day bills worth N14.00 billion and 364-day bills worth N70.50 billion. We expect the stop rates of the new issuances to marginally increase

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