The Central Bank of Nigeria, CBN, last week, sold treasury bills via Open Market Operations (OMO) totaling N122.83 billion, viz: 100-day bills worth N0.0049 billion, 106-day bills worth N3.37 billion, 181-day bills worth N34.81 billion, 191-day bills worth N20.47 billion and 196-day bills worth N64.18 billion.
These auctions were partly offset by matured OMO securities worth N14.13 billion. As a result, NIBOR jumped for all of the tenor buckets amid financial system liquidity strain as auctions outweighed maturities.
NIBOR for the Overnight funds, 1 month, 3 months and 6 months tenor buckets rose w-o-w to 36.88% (from 26.03%), 21.24% (from 19.99%), 21.60% (from 21.46%) and 23.02% (from 22.91%) respectively.
Elsewhere, NITTY surged for most of the maturities amid renewed profit taking activities – yield on the 1-month, 3-month and 6-month maturities rose to 20.70% (from 18.63%), 17.83% (from 17.04%) and 19.10% (from 18.14%) respectively.
However, for the 12 month maturity, NITTY fell to 17.84% (from 18.09%).
This week, there will be Treasury Bills (T-Bills) auction via primary markets worth N133.79 billion viz: 91-day bills worth N32.40 billion, 182-day bills worth N35.00 billion and 364-day bills worth N66.39 billion.
Furthermore, there would be maturing T-Bills and Open Market Operations (OMO) totalling N174.33 billion, viz: 91-day bills worth N32.40 billion; 154-day bills worth N0.096 billion, 163-day bills worth N0.22 billion, 167-day bills worth N0.48 billion, 181-day bills worth N0.20 billion, 182-day bills worth N25.51 billion, 358-day bills worth N49.04 billion and 364-day bills worth N66.39 billion.
