FIXED INCOME MARKET
System Liquidity opened the first trading day of the month positive, with a balance of ca ₦285.44 billion, higher than the Friday’s opening of ca ₦230.92 billion. Thus, the Open Buy Back (OBB) and Overnight (ON) rates trended lower to settle at 5.25% and 5.75% from 7.50% and 7.75% respectively, the previous day.
Sentiments in the NTB market was subdued today, as few bids were seen on the 30 June 2022 and 14 July 2022 papers at 8.00% levels, however offers remained wide at sub 7.85% levels. The average rate fell by ca 7bps, day-on-day. The OMO market was bereft of offers, amid the sustained bullish momentum – this is due to the paucity of supply at the primary window by the CBN. Thus, average rate decreased by ca 10bps day-on-day.