NIBOR Rises for All Tenor Buckets Despite Financial System Liquidity Boost…

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In the just concluded week, N149.68 billion worth of treasury bills matured via OMO while CBN auctioned N70 billion worth of OMO bills.

Hence, the net outflows worth N79.68 billion, resulted in financial system liquidity boost.

Despite the liquidity ease, NIBOR rose for all tenor buckets tracked: NIBOR for overnight funds, 1 month, 3 months and 6 months tenor buckets jumped to 17.50% (from 3.50%), 8.23% (from 5.87%), 9.09% (from 6.12%) and 9.66% (from 6.99%) respectively.

Meanwhile, NITTY moved in mixed directions across maturities tracked as investors scrambled for higher yields; hence, yields on 1 month and 3 months maturities rose to 2.28% (from 2.08%) and 2.81% (from 2.26%) respectively.

However, yields on 6 months and 12 months maturities fell by 2.51% (from 2.66%) and 3.54% (from 3.56%) respectively.

In the new week, we expect the Naira to appreciate against the USD, especially at the I&E FX Window following recent marginal rise in crude oil prices.

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