NITTY Moderates for Most Maturities Tracked on Higher Demand


In the just concluded week, activities in the primary market remained quiet as CBN did not offer T-bills for sale to refinance the maturing N44.84 billion worth of T- bills, thus giving the net inflow yields moderated as traders maintained a bullish stance.

Hence, NITTY for 1 month, 3 months, and 12 months fell to 5.13% (from 5.56%), 6.24% (from 6.60%), and 10.60% (from 13.25%), respectively.

However, the 6 months NIBOR rose to 8.83% (from 7.96%).

Meanwhile, given the net inflow of N5.5 billion in OMO bills without refinancing as well as FAAC inflows worth N440 billion, we saw a liquidity boost in the interbank space, hence NIBOR fell for all of the tenor buckets tracked.

Notably, NIBOR for overnight funds, 1 month, 3 months, and 6 months moderated to 9.73% (from 10.00%), 11.50% (from 13.75%), 11.98% (from 14.94%), and 12.50% (from 16.56%), respectively.

the new week, OMO worth N30 billion will mature via the secondary market, and NTB worth N44.11 billion will mature as well to help keep system liquidity afloat.

Hence, we expect activity in the money market to be slightly bullish…

Share post:




More like this

First Bank declares 50 kobo as final dividend to shareholders for 2022 year end

June 2, 2023. Azonuchechi Chukwu. First Bank of Nigeria Holdings has...

Stock market extends Gains, Closes by 0.07% higher

June 2, 2023. Azonuchechi Chukwu. The Nigerian stock market on Thursday...

CBN: Why we kicked out cryptocurrency

June 2, 2023. Azonuchechi Chukwu. The Central Bank of Nigeria (CBN)...

‘OBIdients wanted to set me up in prison’, Seun Kuti opens up

June 2, 2023. Azonuchechi Chukwu. Nigerian Afrobeat singer, Seun Kuti, has...
Verified by MonsterInsights