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However, the central bank offered a total of $2.45 billion, representing a reduction by 6.12 per cent, over the $2.60 billion offered in October.
But FSDH Merchant Bank Limited, in its review of the activities in the money market in November, put the cumulative net outflow from the government securities and forex market in November at N610.37 billion.
In addition, in November, the value of the naira against the dollar appreciated at the interbank and official market segments of the forex market, while it depreciated at the parallel market, compared to October. At the interbank market, the naira appreciated by 45kobo to close at N158.45/$1 from the N158.90/$1 recorded in October. At the official market segment, the naira also gained eight kobo to close at N155.72/$1 from N155.80/$1 recorded in the preceding month, while at the parallel market, the naira depreciated by 250 kobo to close at N168.50/$1 from the N166/$1 recorded in October.
Nevertheless, the money market rate was marginally higher in November, compared to October. The relative tightness in the market was attributed to the continued use of the Open Market Operations (OMO) by the CBN to moderate the liquidity level in the system, due to huge maturities repayment of government securities.
It also noted that the sale of forex by the central bank contributed to the tightness in November. Consequently, the average money market rates were marginally higher in November, compared to October.
The 7-day NIBOR opened the month of November at 11.13 per cent, compared to 10.92 per cent in October. Similarly, the 90-day NIBOR opened the month of November at 12.58 per cent, compared to 11.75 per cent in October, and increased by 288 basis points to a month high of 15.46 per cent on November 15, 2013.
It also stated that the mop-up activities of the CBN influenced the direction of the NIBOR in the review period.
At the 91-day treasury bills auction, a total of N42.71 billion worth of securities was offered and sold to competitive bidders in November. The bill was 169.66 per cent subscribed as N72.46 billion worth of bid was received from competitive bidders.
On the other hand, a total of N42.71 billion worth of matured bills was repaid into the system leading to a net nil flow from this segment of the market. At the 182-day treasury bills, auction, a total of N55 billion worth of securities was offered and sold to competitive bidders in November.
At the OMO transactions held in November, there was a total outflow of about N367.12 billion from the system, while there was a total inflow of N130.46 billion, leading to a net outflow of N236.66 billion from this segment of the market.