By Cowry Asset
In the week under review, CBN sold Treasury Bills (T-Bills) worth N90.33 billion via Open Market Operations (OMO).
However, NIBOR mostly moderated for all tenor buckets amid expectations of FAAC disbursements: NIBOR for overnight funds, 3 months and 6 months tenor buckets fell w-o-w to 26.05% (from 30.61%), 19.84% (from 19.89%) and 22.08% (from 22.41%) respectively while 1 month NIBOR rose to 17.99% (from 17.79%).
Elsewhere, NITTY moved in mixed directions: yields on the 1 month and 6 months maturities increased to 14.69% (from 14.44%) and 19.03% (from 18.62%) respectively.
However, yields on the 3 months and 12 months maturities fell to 15.72% (from 16.26%) and 17.86% (from 17.92%) respectively.
This week, Central Bank will auction treasury bills worth N119.94 billion via primary market, viz: 91-day bills worth N6 billion, 182-day bills worth N6 billion, and 364-day bills worth N117.17 billion respectively.
We expect stop rates to decline in tandem with declining inflationary trend and improving economic outlook. We expect moderation in interbank lending rates in anticipation of expected FAAC disbursements.
Adedapo Adesanya 
Modupe Gbadeyanka