Nigerian money markets: Bearish sentiment prevails on system illiquidity

The Central Bank of Nigeria plans to raise 177 billion naira of short-dated Treasury bills at an auction on the 5th of July to finance the country's budget deficit, help manage liquidity and curb inflation.

The Central Bank of Nigeria plans to auction about 253 billion naira in treasury bills this week.

As the Central Bank of Nigeria's Treasury bills Primary Market Auction winds to a close today, Chuka Nwachukwu, Fixed-Income trader at UBA joins CNBC Africa to review the fixed income and forex markets today.

Traders say they expect interbank rates to ease further as Nigeria's markets anticipate a further liquidity boost this week. Emmanuel Mordi, Currency Trader at UBA joins CNBC Africa to review activities at the fixed income and forex markets after today's primary market auction.

With only four trading days in Nigeria’s capital markets this week, Chuka Nwachukwu, Fixed Income Trader at UBA joins CNBC Africa to discuss activities at the fixed income and forex markets this week.

Traders say the bearish treasury bills market was triggered by expectations of an Open Market Operations (OMO) auction later this week. To discuss this and other activities in Nigeria’s fixed income and forex market, Yinka Yomi-Tokosi, Leader of Asset and Liability Management at Access Bank (AC) joins CNBC Africa for more.

Traders say subscription level for Nigeria’s August bond auction was evidently weak owing to low offshore interest in Nigerian yields. But do low Nigerian yields signal a positive entry point for potential long term investors? Seun Ameye, Fixed Income Trader at CITI Nigeria joins CNBC Africa for more.

Bankole Odusanya, Head of Fixed Income Trading at United Bank for Africa (UBA) joins CNBC Africa to discuss investors’ response to bond auction by Nigeria’s Debt Management Office.

Traders were cautious ahead of today’s Primary Market Auction. Gbemisola Bello-Aromire, a Fixed Income Dealer at UBA joins CNBC Africa for more.

Nigeria’s bond market traded with bearish undertone as players reacted to the bond auction calendar for the 4th quarter, and the circular by the National Pension Commission where the commission said it had concluded arrangement for the take-off of the RSA transfers. Adamma Mbachu, Team Lead of Currency Trading at Access bank speaks to CNBC Africa for more.

Nigeria’s Debt Management Office offered 147.82 billion naira in today’s Primary Auction compared to the 167.82 billion Naira maturing Treasury bills. Ifeoma Onyejekwe, Fixed Income Trader at UBA tells CNBC Africa’s Esther Awoniyi how market participants reacted to the auction as well as what to expect from a possible OMO auction on Thursday.

Nigeria’s bond market traded with bearish undertone as players reacted to the bond auction calendar for the 4th quarter, and the circular by the National Pension Commission where the commission said it had concluded arrangement for the take-off of the RSA transfers. Adamma Mbachu, Team Lead of Currency Trading at Access bank speaks to CNBC Africa for more.