Treasury bills worth N56.30 billion this week, will mature via secondary market and also expected to partly offset the N100 billion FGN bonds auction in the week.
The Central Bank of Nigeria, CBN, last week, through the primary market auctioned treasury bills worth N176 billion, viz: 91-day bills worth N6 billion, 182-day bills worth N30 billion and N364-day bills worth N140 billion; the corresponding stop rate for the 91- day bills slumped to 11.95 percent from 12.00 percent while stop rates for the 182-day and 364-day bills were flattish at 13.65 percent and 13.70 percent respectively.
According to Cowry Asset, long-dated T-Bills worth N75.04 billion was also sold via Open Market Operations (OMO).
The inflows worth N266.03 billion in matured treasury bills exceeded outflows worth N251.04 billion in auctioned treasury bills, resulting in liquidity ease.
As such, the Nigerian NIBOR for overnight, 1 month, 3 months and 6 months tenor buckets fell w-o-w to 22.63 percent from 50.15 percent, 15.11 percent from 15.56 percent, 15.58 percent from 16.38 percent and 17.69 percent from 17.79 percent respectively.
Elsewhere, NITTY fell for most maturities tracked amid buy pressure: yields on the 1 month, 3 months and 12 months maturities moderated to 14.83 percent from 14.85 percent, 13.52 percent from 14.83 percent and 15.61 percent from 15.81 percent respectively.
However, yield on 6 months maturity jumped to 15.60 percent from 15.46 percent.