NIBOR Moderates for Overnight Tenor Bucket on Excess Liquidity…

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In the just concluded week, CBN auctioned OMO bills worth N128.19 billion to partly mop up the
matured OMO bills worth N327.56 billion.

Hence, given the net inflows of N199.37 billion, NIBOR
moderated for overnight tenor bucket, to 7.00% (from 13.08%). However, NIBOR for 1 month, 3
months and 6 months tenor buckets increased, to 10.98% (from 9.72%), 9.94% (from 9.58%) and
10.14% (from 9.19%) respectively.

Elsewhere, as investors continued to scramble for higher rates
in the secondary markets, NITTY moved in mixed directions across maturities tracked.

While yields on 1 month and 6 months maturities rose to 3.03% (from 3.00%) and 3.79% (from 3.72% ) respectively, yields on 3 months and 12 months maturities declined to 3.21% (from 3.23%) and 4.78% (from 5.17%) respectively

he new week, T-bills worth N595.27 billion will mature via the primary and secondary markets which will offset T-bills worth N154.38 billion to be auctioned by CBN via the primary market; viz: 91-day bills worth N4.38 billion, 182-day bills worth N10.00 billion and 364-day bills worth N140.00 billion.

Hence, we expect the stop rates to decline marginally amid increasing demand for the instruments.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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