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Overnight Rate Jumps as T-Bills Market Trades Flat

By Dipo Olowookere

Nigeria’s overnight interbank lending rate increased on Friday to 9.58 percent from 8.25 percent on Thursday.

This was as a result of the withdrawals for the day’s open market operations (OMO) auction carried out by the Central Bank of Nigeria (CBN).

The apex bank sold N251.14 million worth of the 76-day OMO bill yesterday from the N50 billion offered at 12.60 percent, while it raised N132.12 billion of the 209-day instrument from the N100 offered at 14.40 percent.

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Business Post reports that generally, the treasury bills market was relatively flat as investors gear up for the second Primary Market Auction (PMA) by the central bank next week.

As traders prepare for next week’s auction, observers say the market will remain quiet at the next trading session as the money market rates are expected to go down slightly.

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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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