CFEX 2nd June, 2022

pening market liquidity was reported at N240.9bn on Friday (27 May ‘22). Overnight and
repo rates closed within a range of 12 – 15%. The average NTB yield increased by +14bps
w/w to close at 3.8%. At the primary market NTB auction held last week, the CBN offered
N153.0bn but allotted N173.5bn worth of NTBs to market participants. The stop rates rose
across all three tenors; 91-day: 2.50% (previously 1.74%), 182-day: 3.9% (previously 3.0%),
364-day: 6.5% (previously 4.8%). This was partly due to pressure on market liquidity on the
back of CBN’s OMO and FX auctions. Meanwhile, the average yield for OMO bills increased
by 40bps w/w to close at 4.4%. At the OMO auction, the CBN offered and allotted N20bn
worth of OMO bills to participants and maintained stop rates across the three tenors.