T-Bills: CBN Raises N92.5b via OMO, N119.9b from Primary Market

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By Cowry Asset

In the week under review, CBN sold Treasury Bills (T-Bills) worth N92.510 billion via Open Market Operations (OMO).

Also, treasury bills worth N119.94 billion were issued via primary market, viz: 91-day bills worth N6 billion, 182-day bills worth N6 billion, and 364-day bills worth N107.94 billion respectively.

In line with our expectation, the stop rates of the 91-day and 182-day bills moderated to 13.00% (from 13.10%), 15.25% (from 15.28%) in tandem with declining inflationary trend and improving economic outlook.

The outflows were offset by inflows worth N208.57billion in matured T-bills. In line with our expectations, NIBOR moderated for most tenor buckets: NIBOR for 1 month, 3 months and 6 months tenor buckets fell w-o-w to 17.79% (from 19.13%), 19.89% (from 20.63%) and 22.41% (from 22.70%) respectively.

However, overnight funds rate increased to 30.61% (from 8.50%). Elsewhere, NITTY declined on renewed bargain hunting activity: yields on the 1 month, 3 months, 6 months and 12 months maturities moderated to 14.44% (from 16.78%), 16.26% (from 17.09%), 18.62% (from 19.23%) and 17.92% (from 18.05%) respectively.

This week, we expect stability in interbank lending rates in anticipation of expected FAAC disbursements.

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