Money Market Yields Moderate Despite Muted Activity at the Primary Market…


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

This created a buying sentiment in the secondary market as investors rushed to this space to mop up bills ahead of next week’s auction. Hence, NITTY fell for most maturities.

Specifically, NITTY for 3 months, 6 months, and 12 months moderated to 3 MTHS NIBOR (from 4.14%), respectively.

However, NITTY for 1 month rose to 1.28% (from 1.00%).

Meanwhile, we saw a bit of liquidity squeeze in the interbank space, hence NIBOR rose for all tenor buckets tracked.

Notably, overnight, 1 month, 3 months, and 6 months NIBOR rose to 12.60% (from 10.88%), 13.15% (from 12.50%), 13.80% (from 13.00%), and 14.30% (from 13.81%), respectively.

In the new week, we expect activity in the money market to be bullish as the market expects a liquidity boost from the maturing N154.12 billion worth of Treasury and OMO bills…

Godwin Okafor
Godwin Okafor
Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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