In the just concluded week, CBN refinanced
N56.78 billion T-bills which matured via the primary market at lower rates for most maturities as investors continued to demand for short-term government debt despite rates falling to ridiculous low levels.
Specifically, stop rates for 182-day and 364-day bills fell to 1.39% (from
1.50%) and 3.20% (from 3.40%) respectively.
However, yield on 91-day bills was unchanged at 1.20%.
An additional N87.96 billion worth of T-bills matured via OMO, which less N45.36 billion in OMO auctioned bills, resulted in a total net inflow of N42.60 billion.
Given the financial system liquidity boost NIBOR for 3 months and 6 months fell to 4.29% (from 4.44%) and 4.44% (from 4.69%) respectively.
However, overnight funds and 1 month rose to 19.33% (from 8.0%) and 4.91% (from 4.49%) respectively.
Meanwhile, NITTY moderated for all maturities tracked in tandem with falling stop rates: yields on 1 month, 3 months, 6 months and 12 months maturities moderated to 1.02% (from 1.05%), 1.19% (from 1.30%), 1.45% (from 1.55%) and 3.01% (from 3.10%) respectively.