FINANCIAL MARKETS TODAY – 03 August 2021

FIXED INCOME MARKET

Money Markets

System Liquidity eased today, opening with a balance of ca ₦138.55 billion, lower than the previous day’s opening of ca ₦285.44 billion. Thus, the Open Buy Back (OBB) and Overnight (ON) rates trended higher to settle at 7.50% and 8.00% from 5.25% and 5.75% respectively, the previous day.

Treasury Bills

Sentiment in the NTB market was mixed today. Demand was seen
on 09 June 2022 and 14 July 2022 papers at 7.90% levels, as investors
looked to take position ahead of the next Primary Market Auction
(PMA), while some sellers took profit on existing exposures. The
average rate fell by ca 5bps, day-on-day. Activity in the OMO market
was subdued today as offers remain scarce due to the paucity of supply at the primary window by the CBN. Thus, average rate remained stable, day-on-day.

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