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T-Bills Market Trades Flat as CBN Raises N130.4b from OMO Auction

By Modupe Gbadeyanka

Treasury bills worth N130.4 billion were sold on Thursday by the Central Bank of Nigeria (CBN) via the Open Market Operations (OMO).

As a result, the central bank mopped up inflows of N133bn from maturing OMO bills.

This was as the treasury bills market traded on a relatively flat note today.

Business Post reports that traders continued to play on the short end of the curve, while they reinvested most of their OMO maturity inflows at the OMO auction by the CBN.

At the close of business on Thursday, the apex bank sold the 91-day bills worth N8.06 billion at 16 percent, while it sold the 210-day bills for N122.32 billion at 17.8 percent.

The treasury bills market is expected to be marginally bearish tomorrow as banks to create liquidity for their retail SMIS provisioning.

Meanwhile, the overnight rate fell at the end of business today, closing at 6.67 percent from 11.33 percent yesterday.

Also, the Open Buy Back (OBB) rate declined on Thursday to 6.17 percent from 10.17 percent on Wednesday.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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