THERE are expectations that a marginal boost in the financial system liquidity will ease interbank offered rate in the new week as treasury bills worth N65.03 billion mature via the primary and secondary markets to exceed T-bills worth N15.03 billion which would mature via the primary market.
The maturities are: 91-day bills worth N4.94 billion and 182-day bills worth N10.09 billion.
System liquidity was elevated for most of the week, supported by multiple inflows. However, money market rates traded in double digits.
Dealers said that at the close of the trading on Friday, open repo (OPR) and overnight rates (O/N) settled at 15.50 per cent and 15.75 per cent, respectively indicating a week on week (W-o-W) uptick of +3.33 per cent and +0.51 per cent.
Participants from Cowry Research said they do not expect CBN to refinance the maturing bills in the primary market in line with its usual tradition of limited auction in the month of December.
“Hence, we expect a marginal boost in the financial liquidity system to ease interbank offered rate in the new week.
“In the new week, we expect the value of FGN Eurobonds to rise (and yields to decrease) as rates in this space appear very attractive at close to nine per cent,” they stated in a note to clients.
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