The Central Bank of Nigeria (CBN) last week auctioned treasury bills worth N133.79 billion via primary markets.
A breakdown of the fixed income instrument showed that while it issued 91-day bills worth N32.40 billion; 182-day bills worth N35.00 billion, it also sold 364-day bills worth N66.39 billion.
On the other hand, analysts said during the week, there was maturities for treasury 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, 181day 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.
However, the Nigerian Interbank Offered Rates (NIBOR) rose for most tenor buckets. Specifically, the NIBOR for overnight funds, three months and six months tenor buckets rose week-on-week to 90.17 per cent (from 36.88 per cent), 22.12 per cent (from 21.60 per cent), and 23.29 per cent (from 23.02 per cent) respectively. But NIBOR for 1-month fell week-on-week to 20.99 per cent ( from 21.24 per cent). Elsewhere, the Nigerian Interbank Treasury Bills’ True Yields (NITTY) rose for the three months and 12 montHs maturities – as yields on the 3 months and 12 months maturities rose week-on-week to 18.71 per cent, (from 17.83 per cent) and to 17.90 per cent, (from 17.84 per cent).
However, yield on the 1-month and 6-month fell week on-week to 20.13 per cent, (from 20.70 per cent) and to 18.71 (from 19.10) respectively.
This week there will be maturing OMO totalling N17.41 billion, viz: 167-day bills worth N0.16 billion; 168-day bills worth N1.78 billion, 177-day bills worth N0.99 billion, 182-day bills worth N13.25 billion, 183-day bills worth N1.19 billion and 185-day bills worth N0.12 billion.
“As a result, we expect some improvement in the financial system liquidity with resultant fall in rates barring any further OMO auction,” it added.
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