IN the new week, treasury bills worth N250.50 billion will mature through Open Market Operation (OMO); hence, dealers expect interbank rates to further decline amid anticipated boost in financial system liquidity.
Meanwhile, treasury bills worth N283.16 billion which matured via OMO boosted liquidty in the financial system. Against the backdrop of liquidity ease, Nigeria Interbank Offered Rate (NIBOR) for all maturities tracked declined except for the six-month tenor which rose to 0.95per cent (from 0.88%). NIBOR for Overnight, one month and three months fell to 0.81per cent (from 1.25%), 0.73per cent (from 0.79%) and 0.82per cent (from 0.83%) respectively.
Dealers from Cowry Assets Management Limited said they expect local Over the Counter (OTC) bond prices to appreciate (and yields to moderate) amid expected boost in financial system liquidity.
“Also, we expect investors to further patronise the Eurobond market amid relatively higher local bond yields,” they stated in a note to clients.
Similarly, the Debt Management Office offered a total of N60 Billion at the FGN Bond Auction of December 2020, which held on December 16, 2020. The offer was oversubscribed as total Bids received were N134.056 billion, a subscription level of over 220 per cent.
Though the rates of 6.945per cent and 7.000per cent for the 15-year and 25-year FGN Bonds, respectively were higher than the rates of 5.000per cent and 5.785per cent at the last Auction, the rates reflect the level of interest rates in the market influenced in part by Monetary Policy Actions, the debt office stated in a notice last week.
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