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.