Rates to trade lower on N279.9bn inflows

THERE are expectations of liquidity inflow totalling N279.9 billion, which will boost available funds in the market and keep rates low.

Accordingly, dealers said there will be maturities worth N226.3 billion from the Open Market Operation (OMO), bond coupon payment of N53.6 billion and as such, a liquidity mop-up from the apex banking sector regulator.

Meanwhile, dealers said the treasury bills market opened trading last week with a quick rush for short-dated bills.

This was however short-lived as the market returned to a snooze, with loads of offers seen for June 2020 to January 2021 bills. The bid/ask spread on the longest-dated OMO bill initially opened 60bps apart, tightening slightly to close the day at 3.15 per cent/2.20 per cent.

At the OMO auction last week, the Central Bank of Nigeria (CBN) sold a total of N80.00 billion while maintaining the stop rates across the three maturities on offer. According to dealers, demand remained heavily skewed towards the 1-year bill with a bid-to-offer ratio of 8.37X as local banks increased their bid amounts to accommodate the prorated volumes sold by the apex bank.

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