In the just concluded week, CBN sold more T-bills (worth N163.62 billion) than the matured T-bills worth N81.74 billion in the primary market with a decline in stop rate at the longest end of the curve given the high subscription amount worth N435.85 billion.
Specifically, stop rate for 365-Day bill fell to 9.15% (from 9.40%) in line with our expectation.
However, stop rates for 91-Day and 182-Day bills remained at 2.50% and 3.50% respectively.
In tandem with the declining stop rate, NITTY declined for most maturities tracked amid buy pressure.
Notably, NITTY for 1 month, 3 months, 6 months and 12 months maturities moderated to 3.13% (from 3.70%), 4.01% (5.03%), 5.78% (from 6.87%) and 9.52% (from 9.71%) respectively.
Elsewhere, activity at the OMO space was muted as there were no auctions.
Nevertheless, NIBOR rose for most tenor buckets. NIBOR for 1 month, 3 months and 6 months rose to 12.75% (from 9.86%), 13.94% (from 11.28%) and 15.59% (from 13.45%) respectively.
However, overnight funds rate fell to 13.67% (from 25.10%).
In the new week, treasury bills worth N30.00 billion will mature via OMO; hence, we expect interbank rates to move in mixed directions amid marginal inflow of matured OMO bills