There are expectations that money market rates will crash upon resumption after the Easter break as the Cash Reserve Ratio (CRR) debit eventually reversed by the Central Bank of Nigeria (CBN) at the close of business on Thursday, brings system liquidity back to buoyant levels.
According to dealers from Zedcrest Capital, the interbank opened with a huge shock, as the market participants woke to CRR debits that hit the previous night. That debit, along with funding pressures for the CBN Foreign Exchange (FX) intervention, pushed money market rates as high as 20 per cent intraday but was finally reversed.
The Open Buy Back (OBB) and Overnight (OVN) rates eventually settled to close at 15.00 per cent and 16.83 per cent respectively.
In an advisory note to clients, Zedcrest Capital said keeping up with the theme of the week, yields dropped in the last trading session of the week, as demand from locals continued ahead of the holiday weekend.
“We noted demand across the curve, with the biggest gains on the 2024s and 2037s maturities at the mid- and long-end of the bond curve respectively. Yields dropped by c.12bps on the average across the benchmark curve, consolidating the week’s total drop to c.64 basis points (bps), it stated.
“We expect a slowdown of demand once the market resumes after the holidays, as corporate primary market activity (Dangote N100bn Bond and Nigerian Breweries N30bn CP issues), as well as latest inflation figures take up investor focus,” Zedcrest Capital noted.
The firm further stated that after the holidays, market will resume on a cautious note as the new Open Market Opetation (OMO) supply filters into the secondary market.
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