Modupe Gbadeyanka
By Cowry Asset
During this week, which had four trading days, the Central Bank of Nigeria (CBN) auctioned treasury bills worth N117.18 billion, viz: 91-day bills worth N7.89 billion, 182-day bills worth N6.21 billion and 364-day bills worth N103.07 billion.
In line with our expectation, their respectively stop rates fell to 12.95 percent (from 13.00 percent), 15.00 percent (from 15.25 percent) and 15.57 percent (from 15.60 percent)
Also, T-Bills worth N72.34 billion were sold via Open Market Operations (OMO).
The outflows were more than offset by inflows worth N249.12 billion in matured treasury bills.
However, NIBOR for overnight funds, 1 month, 3 months and 6 months tenor buckets rose w-o-w to 31.29 percent (from 26.05 percent), 19.17 percent (from 17.99 percent), 20.18 percent (from 19.84 percent) and 22.46 percent (from 22.18 percent) respectively.
Elsewhere, NITTY moved in mixed directions: yields on the 1-month and 3-month maturities increased to 16.75 percent (from 14.69 percent) and 15.98 percent (from 15.72 percent) respectively.
However, yields on the 6 months and 12 months maturities fell to 18.98 percent (from 19.03 percent) and 17.79 percent (from 17.86 percent) respectively.
Next week, we expect stability in interbank lending rates in anticipation of inflows worth N32.23 billion in matured treasury bills.
