NITTY Moves Southwards for Most Maturities amid Muted Primary Market Sales…

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In the just concluded week, activity in the money market was muted given the zero matured and auctioned Treasury bills.

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This created a buy sentiment in the secondary market as investors rushed to this space to mop up bills.

Hence, NITTY fell for most maturities amid sustained bullish pressure.

NITTY for 1 month, 3 months, 6 months, and 12 months moderated to 9.17% (from 10.10%), and 8.97% (from 10.19%). 10.32% (from 11.57%) and 14.89% (from 17.08%) respectively.

Meanwhile, N25 billion in OMO bills matured without refinancing in the market.

Notably, we witnessed tighter liquidity conditions on the back end of the curve as NIBOR closed in a bearish manner for the 3-month and 6-month tenor buckets, rising to 15.50% (from 15.16%) and 16.13% (from 15.86%), respectively, due to the relatively low value of matured OMO bills.

The overnight Funds and the 1-Month tenor bucket, on the other hand, fell to 13.25% (from 13.80%) and 14.25% (from 14.60%), respectively.

In the new week, we expect activity in the money market to be bearish amid limited maturing Treasury and OMO bills.

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