Sunday, September 26, 2021

    NIBOR Falls For Most Tenor Buckets amid Financial Liquidity Ease…

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    Godwin Okafor
    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

    In the just concluded week, CBN issued a total of N12.84 billion at the OMO auction to partly drain sytem liquidity as OMO bills worth N20.00 billion matured.

    Given the net inflows worth N7.16 billion, NIBOR moderated for most tenor buckets.

    Specifically, Overnight funds, NIBOR for 1 month and 6 months tenor buckets fell to 14.83% (from 21.33%), 7.32% (from 7.72%)and 9.03% (from 9.12%) respectively.

    However, NIBOR for 3 months rose to 8.58%
    (from 8.31%).

    Meanwhile, NITTY rose for all maturities tracked ahead of the upcoming primary auction.

    NITTY for 1 month, 3 months, 6 months and 12 months maturities climbed to 1.99% (from 1.97%), 2.62% (from 2.54%), 3.89% (from 3.84%) and 8.48% (from 8.27%) respectively

    In the new week, T-bills worth N128.45 billion will mature via the primary and secondary markets to more than offset the T-bills worth N88.45 billion which will be auctioned by CBN via the primary market; viz: 90-day bills worth N11.38 billion, 182-day bills worth N6.00 billion and 364-day bills worth N71.07 billion.

    We expect the stop rates of the new issuances to increase, especially for the 364-day bill.

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