CBN Sells N48b OMO Bills with Rates Further Declining

By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) on Monday carried out another auction of treasury bills at the Open Market Operations (OMO).

However, the instruments were sold to traders at the market with the rates further declining by 5 basis points.

The apex bank sold N200 million worth of the 87-day bills at 15.85 percent, while it sold  N47.82 billion worth of the 199-day bills at 17.60 percent.

It was observed that the T-bills market was slightly bearish on Monday as a result of the tight liquidity in the market.

Tomorrow is expected to be marginally bullish as investors anticipate inflows from retail forex refunds.

Also, traders gear up for the T-bills sales by the CBN at the primary market on Wednesday, where a total of N117.2 billion worth of treasury bills would be put up for sale.