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


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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