The Central Bank of Nigeria, CBN, on Friday, August 11,auctioned off N20.5billion OMO at 17.95% and 18.55% stop rates.
This resulted to money market rates expanding across all tenors today as the auction squeezed system liquidity.
The 1month and 3month NIBOR rates inched up 95bps and 99bps to 19.04% and 20.10% respectively while the 6month NIBOR rate increased by 38bps to 23.54%.
At the bond market, yield movement remained largely muted as the CBN’s continued squeeze on system liquidity constrained activity levels.
The yields on the 5yr, 7yr and 10yr benchmark bonds were unchanged at 16.36%, 16.25% and 16.53% respectively.