Interbank stop rates of new Treasury Bills issuances are expected to moderate amid boost in financial system liquidity following maturing T-bills worth N57.82 billion.
Available records show that the T-Bills will mature via the primary and secondary markets to more than
offset the T-bills worth N7.00 billion which will be auctioned by the Central Bank of Nigeria (CBN) via the primary market; viz: 91-day bills worth N12.45 billion and 182-day bills worth N25.37 billion.
In times of recession, and of budget shortfall, it is only normal to expect a central bank to lend money to its government. However, in Nigeria it appears to have become a habit. And the stock of debt is mounting.
Activities in the Nigerian Treasury Bill (T-bill) secondary market were bullish overall, following the boost to system liquidity from the June Federation Account Allocation Committee (FAAC) disbursement to states and local governments, which was N363.86 billion ($885.30 million).
At the T-bill primary auction held on Wednesday, the Debt Management Office (DMO) allotted N163.61bllion in instruments, just as there are expectations from other dealers that there will be a slight uptick in yields in the T-bill secondary market in the absence of any other significant inflows to boost liquidity.
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