Sunday, June 20, 2021

    NIBOR Moves Southwards amid Net Inflows Worth N2.94 billion…

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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 N17.06 billion at the OMO auction to partly drain sytem liquidity arising from matured OMO bills worth N30.00 billion.

    Given the net inflows worth N2.94 billion, NIBOR nosedived for most tenor buckets.

    Specifically, Overnight funds, NIBOR for 1 month, 3 months and 6 months tenor buckets fell to 14.70% (from 21.17%), 9.23% (from 12.57%), 10.19% (from 13.87%) and 10.83% (from 15.25%) respectively.

    Elsewhere, NITTY continued to rise for all
    maturities tracked as traders demanded for higher yields amid expectation of an increase in stop rates; specifically, 1 month, 3 months, 6 months and 12 months maturities climbed to 2.21% (from 2.09%), 3.08% (from 2.78%), 4.42% (from 4.29%) and 8.90% (from 8.81%) respectively

    In the new week, T-bills worth N207.55 billion will mature via the primary and secondary markets to more than offset the T-bills worth N117.55 billion which will be auctioned by CBN via the primary market; viz: 91-day bills worth N24.67 billion, 182-day bills worth N10.00 billion and 364-day bills worth N82.88 billion.

    We expect the stop rate for the 364-day bill to increase while those of 91-day and 81-day bills remain flattish

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