In the just concluded week, CBN allotted T-
bills worth N34.88 billion to refinance the
N12.60 billion worth of matured treasury bills.
Notably, given the strong demand (about
N178.47 billion worth of subscription), the
stop rate for all of the maturities declined.
Specifically, 364-day bill fell further to 6.07%
Also, 91-Day bill and 182-day bill rates fell to 2.49% (from 2.50%) and to 3.79% (from 3.84%) respectively.
Given the southward direction of rates in the primary market, NITTY fell for all maturities tracked.
NITTY for 1 month, 3 months, 6 months and 12 months maturities mderated to 3.15% (from 3.43%), 3.55% (from 3.74%), 4.07% (from 4.30%) and 5.85% (from 6.49%) respectively.
Meanwhile, Meanwhile, in the OMO market, we saw N20 billion bills worth matured without refinancing.
Hence, NIBOR for Overnight and 6 months maturities decreased to 11.00% (from 11.50%)and 11.40% (from 11.48%) respectively, while the , 1 month and 3 months maturities increased to 0.15% (from 9.43%) and 11.13% (from 10.29
In the new week, we expect activity in the money market to be slightly bearish as the financial system liquidity may rather come in low given the limited maturing treasury and OMO bills