In the just concluded week, activities in the money market was silent as there were zero OMO repayment and auction.
Amid the rare occurrence, NIBOR moderated for most tenor buckets: NIBOR for 1 month, 3 months and 6 months tenor buckets fell to 5.68% (from 6.94%), 6.04% (from 7.02%) and 6.65% (from 7.54%) respectively.
However, overnight funds rose to 12.06% (from 3.56%).
Meanwhile, NITTY moved in mixed directions across maturities tracked: yields on 1 month and 6 months maturities rose marginally to 2.05% (from 1.94%) and 2.59% (from 2.55%) respectively.
On the flip side, NITTY for 3 months and 12 months maturities declined marginally to 2.13% (from 2.14%) and 3.49% (from 3.53%) respectively.
In the new week, we expect stability of the Naira against the USD, especially at the I&E FX Window amid rising crude oil prices.