Rates to trend lower as N297.0bn inflow bouys liquidity

There are expectations that inflows from Open Market Operations (OMO) maturities worth ₦297.0billion will provide a boost to system liquidity, thereby driving rates lower in the secondary Treasury-Bills market.

Meanwhile, activity in the Treasury Bills Market picked up in Friday’s session, with bullish sentiments seen towards the longer-dated OMO maturities.

“We noted sizeable interest by local banks which may be attributed to the lack of OMO auction as anticipated by the market.

“The January bills saw most of the market activities trading around mid-10per cent levels, whilst the bid/offer spread on the 30 March 2021 OMO bills tightened but close enough to cross volumes,” dealers at Zedcrest Capital wrote in a note to clients.

The treasury bills side continued to see lethargic activity, as retail-sized volumes were consummated on the long-end.

Dealers said yields dropped by an average of 40 basis points (bps) on the offer across the benchmark NTB curve.

With low funding pressures so far last week, the interbank market stayed boosted with a fair amount of liquidity at around N266billion.

 

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