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CBN Sells N25.5b Bills as Overnight Drops to 38.92% amid Tight Liquidity

By Dipo Olowookere

On Monday, the Central Bank of Nigeria (CBN) auctioned treasury bills to investors through the open market operations (OMO).

Business Post reports that at the close of business, a total of N25.49 billion bills were sold by the central bank.

A breakdown of the sale showed that N25.46 billion worth of 185-day bill was traded at 17.80 percent stop rate, while the N32 million worth of 94-day bill was sold at 16 percent stop rate.

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Business Post further reports that the treasury bills market today was scantily traded as a result of the liquidity in the market.

Yields are expected to decline slightly tomorrow, with market players expected to cherry pick some of the high yielding bills in the market.

At the close of transactions, the overnight rate depreciated to 38.92 percent from 39.42 percent last Friday, while the open buy back rate rose to 37.50 percent from 36.33 percent.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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