In the just concluded week, NITTY moved in
mixed directions across maturities tracked amid traders’ mixed sentiments partly due to the muted activity in the Primary market.
Accordingly, NITTY for 1 month and 12 months maturities fell to 3.12%(from 3.13%) and 9.35%(from 9.52%) respectively.
On the flip side, NITTY for 3 months and 6 months maturities rose to 4.49% (from 4.01%) and 5.80% (5.78%) respectively amid investors’
Elsewhere, CBN issued a total of
N17.00 billion at the OMO auction to partly drain sytem liquidity as OMO bills worth N29.40 billion matured. Hence, NIBOR fell for most tenor buckets amid financial system liquidity ease.
NIBOR for 1 month, 3 months and 6 months moderated to 10.85% (from 12.75%), 12.06% (from 13.94%) and 13.39% (from 15.59%) respectively. However, overnight funds rate rose to 20.07% (from 13.67%
In the new week, T-bills worth N57.82 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: 91-day bills worth N12.45 billion and 182-day bills worth N25.37 billion.
We expect the stop rates of the new issuances to moderate amid expected boost in financial system liquidity.