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.
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…