Interbank rates to moderate on maturing N302.7 OMO bills

THERE are expectations of high liquidity from maturing Open Market Operations (OMO) bills worth ₦302.7 billion that will keep rates suppressed.

Dealers said Money Market Rates dropped further on Friday following OMO maturities and the Central Bank of Nigeria (CBN’s) failure to mop up substantial volumes.

Open Buy Back (OBB) and Overnight (OVN) rates declined by 290 basis points (bps) on the average, to close at 2.67 per cent and 3.08 per cent respectively, as market players expected system liquidity at about  to close N700 billion.

One dealer also revealed that the CBN is expected to attempt a second OMO auction this week to manage excess liquidity, but that, may not have any major impact to Money Market rates.

According dealers, local banks continued to demand bills across the OMO curve to reinvest maturities for most of the session, which paused after the CBN announced an OMO auction an hour before trading close.

Some resistance were noted for rates below 13.00 per cent on long-dated maturities, as market players expected higher stop rates at the OMO auction.

The OMO Auction was therefore poorly demanded, as local and offshore players shied away from the auction. The CBN was only able to sell N4 billion out of N110 billion offered across three tenors, cutting the stop rate to 12.7999 per cent on the 348-day tenor.

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