Interbank rates to moderate on anticipated boost in system liquidity

INTERBANK rates are expected to moderate amid anticipated boost in financial system liquidity, money market participants have said

This is just as treasury bills worth N19.50 billion will mature via Open Market (OMO).

According to dealers, the Treasury bills market ended the week with low activity, as bears scouted for transactions from the less interested bidders following expected primary market supply from the Central Bank of Nigeria (CBN).

“We saw few axes on the June and October bills around 9.00 per cent and 9.50 per cent respectively while the longer-tenured bills (Feb and March) were offered around 10.50 per cent levels.

The Apex floated its weekly OMO auction where only N30 billion was offered. However, bucking the recent trend, the CBN sold 333 per cent of the amount offered amid healthy demand.

Dealers expect rates to open slightly after the break as the new supply filters into the market.

“We expect rates to inch higher opening the new week as the resumption of the CBN’s weekly Wholesale intervention as well as bi-weekly Retail intervention increase funding pressures for banks,” another dealer differed.

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