To Get Personalised contents and be able to add items to your favourites, please Sign In or Sign Up          
 

Interbank rates decline on N206.61bn treasury bills repayment


News » Health and Beauty
Nigeria

IMAGE: Bank Logos »

Oct.25.2013

 

Interest rates at the interbank market Thursday dropped slightly by 2.58 percent following the repayment of treasury bills worth N206.61 billion by the Central Bank of Nigeria (CBN).

Consequently, the Nigerian Interbank Offered Rates (NIBOR) decelerated for all tenor buckets to 11.69 percent from 12.00 percent the previous day.

Data from the Financial Markets Dealers Association (FMDA) show that overnight call tenor dropped to 10.50 percent from 10.54 percent the previous day. Similarly, 7 days, 30 days and 60 days tenors went down from 11.00 percent, 11.83 percent, and 12.20 percent, respectively the previous day to 10.87 percent, 11.37 percent and 11.75 percent, respectively.

The maturing treasury bills consisted of 164 days bill worth N47.17 billion at the rate of 12.30 percent, 161 days bill worth N47.66 billion at the rate of 12.30 percent, and 136 day bill worth N13.50 billion at the rate of 12.10 percent via Open Market Operation (OMO). Also 90 days bill worth of N32.88 billion at the rate of 11.60 percent, 182 days bill worth N30 billion at the rate of 12.09 percent and 364 days bill worth N31.38 billion at the rate of 13.27 percent were matured via Primary Market Auction (PMA).

Analysts at Cowry Assets Management limited had anticipated that rates would mellow as the financial system would be awash with liquidity.

The naira on Thursday strengthened against the US dollar gaining N0.05 kobo at the interbank market closing at N158.90/$ as against N158.95/$ the previous day, data from FMDA has indicated.

The CBN on Wednesday offered $300 million but sold $296.4 million to 21 deposit money banks at its twice weekly RDAS at N156.07/$.

However, the local currency remained stable at the bureau de change and parallel market closing at N162.00/$ and N166.00/$ respectively.

Article Credit: Business Day Newspaper

Updated 5 Years ago
 

Find Us On Facebook

Tags:     Interbank rates decline on N206.61bn treasury bills repayment

RELATED