By Cowry Asset
In the just concluded week, treasury bills worth N65.032 billion matured viz: 364-day bills. However, NIBOR decreased across most of the maturities amid sustained liquidity ease; NIBOR for overnight funds, 1 month and 6 months fell w-o-w to 5.92 percent (from 11.75 percent), 16.99 percent (from 17.85 percent) and 22.36 percent (from 22.67 percent) respectively.
However, the 3 month tenor rose to 20.69 percent (from 19.49 percent).
Elsewhere, NITTY increased across most of the maturities amid renewed sell pressure – yields on 3 months, 6 months and 12 months rose to 18.95 percent (from 14.55 percent), 19.82 percent (from 19.79 percent) and 22.46 percent (from 22.40 percent) respectively.
However, the 1 month maturity fell to 12.51 percent (from 14.88 percent).
This week, there will be maturing treasury bills worth N314.558 billion viz: 91-day bills worth N29.143billion, 182-day bills worth N80 billion, 364-day bills worth N120 billion, 143-day bills worth N2.79 billion and 181-day bills worth N82.62 billion which will more than offset treasury bills auctions worth N229.143 billion, viz 91-day bills worth N29.143 billion, 182-day bills worth N80 billion and 364-day bills worth N120 billion.
Hence, we expect further financial system liquidity ease and resultant stability in interbank rates.
Adedapo Adesanya