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In the just concluded week, CBN auctioned more
T-bills (worth N217.06 billion) than the matured
T-bills worth N113.12 billion in the primary
market.
Notably, stop rates for all tenor buckets
moderated further given the high demand,
particularly at the longest end of the curve (as
impliedbya2.53xbid-to-coverratio).
Specifically, stop rates for the 364-day bills fell further to 2.24% (from 4.78%).
Also, 91-day bill and 182- day bill rates fell to 0.10% (from 0.29%) and 0.30% (from 1.80%), respectively.
In line with the direction of rates in the primary market, NITTY for 1-month, 3-month, 6-month, and 12-month maturities decreased to 0.95% (from 1.28%), 1.23% (from 1 .66%), 1.49% (from 2.33%) and 1.92 (from 3.11%).
Elsewhere, given the matured OMO bills worth N40.00 billion, NIBOR fell for all tenor buckets amid financial system liquidity ease.
Specifically, NIBOR for Overnight Funds, 1-month, 3-month, and 6-months moderated to 10.75% (from 12.60%), 10.75% (from 13.15%),11.80 (from13.80%)and12.88(from14.30%),respectively
