By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) on Wednesday conducted its second treasury bills auction in February through the primary market.
The exercise was fairly successful as it recorded slight oversubscriptions from investors in the 91-day and 182-day tenors, while the 364-day bill was well oversubscribed.
From the result of the PMA, the apex bank raised N6 billion from the 91-day instrument at 11.95 percent, N30 billion from 182-day bill at 13.65 percent, and N140 billion from the 364-day bill at 13.70 percent.
Meanwhile, the average treasury bills yields recorded a slight decline yesterday by 0.04 percent as the market traded bullish.
This occurred as the system liquidity improved significantly due to inflows from the retail refunds the previous day.
Business Post reports that the average yields went down yesterday as investors remain careful of further liquidity tightening measures by the central bank.
A look at the money market rates showed depreciation yesterday.
While the overnight lending rate slumped to 9 percent from 15.33 percent, the open buy back (OBB) rate slumped to 8.67 percent from 14.33 percent.
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