In the just concluded week, CBN also sold OMO bills worth N110.51 billion to partly mop up OMO
repayments worth N323.26 billion.

Additional N16.72 billion was sold via repo agreements.
Hence, due to the net inflows, NIBOR declined for overnight funds, to 12.19% (from 16.56%).
However, NIBOR rose for other tenor buckets: 1 month, 3 months and 6 months tenor buckets increased to 9.95% (from 6.69%), 10.08% (from 6.63%) and 10.80% (from 6.96%) respectively.

Elsewhere, NITTY moved in mixed directions across maturities tracked: yields on 1 month and 12 months maturities moderated to 3.06% (from 3.13%) and 5.22% (from 5.25%) respectively.

However, yields on 3 months and 6 months maturities rose to 3.41% (from 3.04%) and 3.75% (from 3.45%) respectively.

In the new week, T-bills worth N127.04 billion will mature via the primary and secondary markets which will more than offset T-bills worth N72.30 billion to be auctioned by CBN via the primary market; viz: 91-day bills worth N1.80 billion, 182-day bills worth N0.00 billion and 364-day bills worth N70.50 billion.

Hence, we expect the stop rates to decline marginally amid financial liquidity ease.

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