Sell Pressure Spikes Upward Rates Movement Ahead Next PMA…


In the just concluded week, we witnessed an upward repricing of yields across the curve amid
investors’ sell-off given the short-term liquidity constraint. NITTY for 1 month, 3 months, 6
months, and 12 months expanded to 4.30% (from 3.99%), 5.74% (from 5.46%), 7.78% (from 7.57%), and 12.97% (from 12.74%) respectively.

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Activity in the OMO space was muted as there were no auctions, however, NIBOR fell for all tenor
buckets amid financial system liquidity ease.

Specifically, NIBOR for overnight funds, 1 month, 3 months, and 6 months moderated to 18.90%
(from19.00%), 15.85% (from 16.33%), 16.25% (from 17.38%), and 16.50% (from 17.58%) respectively.

In the new week, CBN will refinance maturing Treasury bills worth N149.64 billion, viz: 91-day bills (N3.15 billion), 182-

day bills (N2.52 billion), and 364-day bills (N143.97 billion). We note that traders’ sentiment will be shaped by the T-bill auction result over the course of the new week. Cowry Research anticipates the 364-day T-bill rate to rise…

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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