Naira notes

The money market recorded a total inflow of N143.17 billion into the system last week as a result of the Open Market Operations (OMO) transactions.

According to the FSDH latest report, there was also a total withdrawal of about N135.57 billion from the system last week. These, it said resulted to a net inflow of N7.60 billion into the market.

The transactions were traded at a discount rate of 13.15 per cent to 13.44 per cent.

FSDH said in the report:  “At the 91-day Treasury Bill (TB) auction, a total of N31.84 billion worth of securities was offered and sold to competitive bidders. A total of N26.68 billion was sold to non-competitive bidders, bringing total offer and sale to N58.52 billion.

“The bill was 116.48 per cent subscribed as N37.09 billion worth of bid was received from competitive bidders. The bill was issued at a discount rate of 11.699 per cent. A total of N31.84 billion worth of matured bills was repaid into the system, leading to a net outflow of N26.68 billion from this segment of the market.”

Also, it showed that at the 182-day TB auction, a total of N42.73 billion worth of securities was offered and sold to competitive bidders.

“A total of N30.30 billion was sold to non-competitive bidders, bringing total offer and sale to N73.03 billion. The bill was 221.84 per cent subscribed as N94.79 billion worth of bid was received from competitive bidders,” it added.