Liquidity in Nigerian money market up 450 bln naira last week

Last week, there was a turnover of $1.29 billion in Investors' and Exporters' (I&E) window, which represents an increase from last week's $1.17 billion. 
Money market dealers expect that there will be an uptick in demand at this window this week, as corporates start to make dividend payments for the year 2017.
Overnight rates were depressed all through last week as the market was liquid most of the time. The interbank money market has been very liquid through the week as the Central Bank of Nigeria (CBN) has replaced their daily Open Market Operations (OMO) auctions with only one OMO auction on Thursday.
The money market closed 450 billion naira long on Friday with the month to date
Overnight rate below 5 percent. The market is expected to stay liquid up until Thursday when there will be an OMO auction and it will tighten further when banks are debited for the retail SMIS auction on Friday.
The results of the April 13th retail auction were released on Friday evening, the Credit for the unsold portion is expected later in the week.
There will be a bond primary auction this week with 30 billion naira of a new 5-year bond as well as 30 billion naira each of the 7 and 10-year bonds( 2025s and 2028s) on offer.
(C) Citibank Nigeria