In the just concluded week, CBN auctioned OMO bills worth N240.29 billion to partly mop up the
matured OMO bills worth N433.76 billion.

Hence, given the net inflows of N193.47 billion, NIBOR moderated for all tenor buckets: NIBOR for overnight, 1 month, 3 months and 6 months tenure buckets compressed to 3.61% (from 5.30%), 8.07% (from 8.73), 8.09% (from 8.72%)
and 8.60% (from 9.46%) respectively.

Elsewhere, despite significant demand for T-bills in the primary market, NITTY for all maturities tracked
closed northwards – true yields on 1 month, 3 months, 6 months and 12 months maturities rose to 2.98% (from 2.89%), 3.18% (from 2.90%), 3.60% (from 3.57% ) and 4.99% (from 4.35%) respectively.

In the new week, T-bills worth N724.64 billion will mature via the primary and secondary markets which will offset
T-bills worth N229.63 billion to be auctioned by CBN via the primary market; viz: 91-day bills worth N28.02
billion, 182-day bills worth N33.68 billion and 364-day bills worth N167.93 billion.

Hence, we expect the stop rates to decline marginally amid increasing demand for the instruments. We expect NIBOR to increase in the new week in reaction to the increased CRR to 27.50% by CBN.

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