Maturing OMO instruments worth N476.4bn to shape rates movement

THERE are anticipations among money participants that inflows from maturing Open Market Operation (OMO) instruments worth ₦476.4billion will shape the movement of rates this week.

However, “we expect CBN to keep rates and system liquidity in check through regular auctions,’ says dealers from Afrinvest (West) Africa Limited.

The Treasury Bills market continued its quiet trend, with slight activity skewed to the short to mid-end, as market players invest excess liquidity in available OMO bills. The mid-dated papers (August – October 2021 maturities) saw the most activity, as rates on those papers dropped drastically to 6.50 per cent   levels. Demand for long-dated papers remained scarce most of the session as local banks remained wary of taking on duration ahead of an expected OMO auction.

“We expect a quiet session … as the market focuses on the likely OMO primary auction, with the CBN poised to retain OMO rates for a third consecutive week at over 10.00 percent for the one-year tenor,’ says dealers from Zedcrest Capital Limited.

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