Stop Rates Fall Further for All Maturities…

Date:

In the just concluded week, CBN allotted T-bills worth N220.53 billion to fully refinance the N198.34 billion worth of matured Treasury bills.

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Notably, given the strong demand (bid-to- cover ratio of 4.73x), the stop rate for all of the maturities declined.

Specifically, 364-day bills fell further to 4.78% (from 7.30%). Also, 91- day bill and 182-day bill rates fell to 0.29% (from 2.00%) and 1.80% (from 4.33%), respectively.

In tandem with the mood in the primary market, despite the MPC raising the policy rate to 17.50% (from 16.50%), NITTY for all maturities tracked moderated.

Specifically, NITTY for 1 month, 3 months, 6 months, and 12 months maturities fell to 1.00% (from 1.79%), 1.93% (from 2.53%), 2.95% (from 3.50%), and 4.14% (from 6.05%), respectively.

Meanwhile, the OMO space was a bit busy as CBN auctioned N14 billion worth of bills, less than the matured OMO bills worth N40 billion.

Despite the N26 billion net inflow, NIBOR rose for most tenor buckets, while overnight funds declined to 10.88% (from 11.13%) and NIBOR for 1 month, 3 months, and 6 months climbed to 12.50% (from 12.13%), 13.00% (from 12.85%), and 13.81% (from 13.55%), respectively.

In We anticipate bearish money market activity in the coming week, as the financial system’s liquidity may be low due to the limited maturing bills.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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