Markets

Daily Market Update –January 22, 2013

The Money Market
In line with market expectations, the Central Bank of Nigeria (CBN) carried out an OMO auction and successfully mopped up ₦178 billion from the system, resulting in an increase in rates by about 0.50%. Consequently, the secured OBB and the overnight funds traded at 10.50% and 11.00% respectively.

Treasury Bills Market

Daily Market Update –January 21, 2013

The Money Market
The market was still very liquid as a result of the Federal Accounts Allocation Committee (FAAC) funds disbursed last week. Consequently, OBB and Overnight funds remained stable at 10.25% and 10.50% respectively contrary to market expectations as the CBN did not carry out any OMO auction today to mop up the excess liquidity.

Treasury Bills Market

Daily Market Update –January 18, 2013

The Money Market
Market liquidity rose sharply due to the credit of statutory funds (FAAC) totalling ₦283 billion into the system. With the excess liquidity in the system, the CBN carried out Open Market Operations (OMO) and successfully mopped out ₦190 billion. Regardless of the CBN tightening measure, interest rates fell significantly by an average of 2.00%. Consequently, the secured OBB and overnight funds traded at 10.25% and 10.50% respectively.

Treasury Bills Market

Daily Market Update –January 17, 2013

The Money Market
At the Money Market today, interest rates fell by 1.50% due to the ₦147 billion Treasury bills maturity credited into the system. Consequently, the secured OBB and the overnight funds traded at 12.25% and 12.50% respectively. Rates are expected to decline further tomorrow as statutory fund (FAAC) has been credited into the system. However, the CBN is expected to mop up the excess liquidity in the system via OMO tomorrow.

Treasury Bills Market

Daily Market Update –January 16, 2013

The Money Market
Interest rates rose by 0.50% today, as market liquidity fell sharply to a 3-month record low due to the OMO debits. Consequently, secured and overnight funds traded at 14.00% and 14.25% respectively. Market liquidity is expected to improve as it anticipates the credit of statutory funds towards the end of the week and also a total credit of ₦147 billion treasury bills maturity into the system tomorrow.

Treasury Bills Market

Daily Market Update –January 15, 2013

The Money Market
Market liquidity declined further today as a result of the Open Market Operations (OMO) carried out by the CBN. A total of ₦110 billion was debited from the system causing rates to go up by an average of 0.50%. Consequently, the secured OBB and the overnight funds traded at 13.50% and 13.75% respectively.

Treasury Bills Market

Daily Market Update –January 14, 2013

The Money Market
After Fridays WDAS debit, Market Liquidity fell slightly today. However, due to continuing NNPC debit, interest rates moved about 0.75% with the secured OBB and the overnight trading at 13.00% and 13.25% respectively.

Treasury Bills Market
The Treasury Bills Market was fairly active today with activity centred on the short and medium tenured bills which dropped yields by an average of 0.10% while the long tenured bills remained relatively stable throughout the trading day.

Daily Market Update –January 11, 2013

The Money Market
The market opened liquid and remained stable through the day. As a result, rates remained the same on the average, regardless of WDAS debits totalling ₦6.7 billion. Consequently, the secured OBB and the overnight funds traded at 12.00% and 12.25% respectively. Rates are expected to open at these levels next week but gradually trend downwards towards the close of the week due to T-bills maturity of ₦147 billion.

Treasury Bills Market

Daily Market Update –January 10, 2013

The Money Market
The Money Market opened liquid and remained stable through the day. As a result, rates dropped by 0.25% regardless of OMO debits totalling ₦83 billion. Consequently, the secured OBB and the overnight funds traded at 12.00% and 12.25% respectively. The market liquidity is expected to stay at these levels tomorrow.

Treasury Bills Market

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