March 27 (Lagos) - 1. Money Markets update - May 24
Banking system liquidity opened positive today at N232.74bn lower than N 200.6bn recorded yesterday, as market was boosted by Federal Accounts Allocation Committee (FAAC) inflow of N 311bn. The Central Bank of Nigeria (CBN) did not conduct an Open Market Operation (OMO) auction on Friday.
Treasury Bills
The treasury bills market traded bearish today, after 3days of bullish trades. Average rates gained ca +17bps day-on-day, with the 19 September 2019 maturity gaining ca +63bps to close at 11.66% from 11.04%.
Bank Placements
Open Buy Back (OBB) and Overnight (O/N) rates traded higher day-on-day at 11.14% and 12.00% from 9.86% and 10.50%, as Banks funded Bonds primary market auction and Wholesale FX intervention. Average fixed deposit rates amongst banks monitored showed:
- tier-1 rated banks at 3.00% for 30 - 60 days tenor on N10mln - N100mln.
- tier-2 rated banks at 7.50% for 30 - 60 days tenor on N10mln - N100mln.