Tuesday, June 15, 2021
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    NITTY Rises Further as Traders Demand for Higher Yield…

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    Naija247news, Nigeriahttps://www.naija247news.com/
    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, NITTY rose for all maturities tracked as traders demanded for higher yields despite CBN’s attempts to stabilize exchange rate.

    Accordingly, NITTY for 1 month, 3 months, 6 months and 12 months maturities rose further to 3.26% (from 2.37%), 3.57% (3.43%), 6.06% (from 4.92%) and 9.63% (from 9.36%) respectively.

    Elsewhere, CBN issued a total of N18.30 billion at the OMO auction to partly drain sytem liquidity as OMO bills worth N55.46 billion matured.

    Given the net inflows worth N37.16billion, NIBOR for 1 month, 3 months and 6 months moderated to 11.70% (from 11.18%), 12.90% (from 12.27%) and 14.60% (from 13.29%) respectively. However, NIBOR for overnight funds rose to 15.01% (from 18.37%).

    the new week, T-bills worth N344.64 billion will mature via the primary and secondary markets to more than offset the T-bills worth N7.00 billion which will be auctioned by CBN via the primary market; viz: 90-day bills worth N2.00 billion, 182-day bills worth N2.00 billion and 364-day bills worth N3.00 billion. We expect the stop rates of the new issuances to moderate amid expected boost in financial system liquidity.

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