Opening market liquidity was reported at N56.4bn on Friday (01 July ‘22). Overnight and
repo rates closed within a range of 13 – 14%. The average NTB yield increased by +60bps
w/w to close at 5.4%. At the latest primary market NTB auction held last week Wednesday,
the CBN offered N174.1bn but allotted N197.7bn worth of NTBs to market participants,
stop rates remained unchanged in two out of the three tenors; 91-day: 2.40% (previously
2.49%), 182-day: 3.79%, 364-day: 6.07%. Meanwhile, the average yield for OMO bills
increased by +18bps w/w to close at 5.3%.