By Dipo Olowookere
The treasury bills market traded bullish on Monday as market player prepare for the primary market auction slated for tomorrow.
During the exercise to be conducted by the Central Bank of Nigeria (CBN), a total of the government securities worth N58 billion would be offered to investors.
At the market yesterday, analysts at Zedcrest Research said there was an aggressive yield declines, about 1.35 percent observed on the short to medium end of the curve.
This was attributed to backdrop of the significant amount of liquidity in the system following the recent slowdown in OMO auction sales by the CBN.
However, this trend is expected to persist ahead of the OMO auction scheduled for Thursday.
Meanwhile, the money market rates remained stable on Monday as system liquidity stayed significantly buoyant, currently estimated at about N610 billion from N680 billion opening yesterday.
The estimated decline in liquidity is attributed to FX interventions by the CBN to the tune of $210 million in the wholesale, SME and invisibles segments of the market.
Business Post reports that the open buy back (OBB) rate remained unchanged on Monday at 2.33 percent, while the overnight rate slightly increased to 3 percent from 2.92 percent last trading session.
However, analysts at Zedcrest expect the rates to remain stable today as there are no significant funding pressures anticipated in the market.
more recommended stories
Stop Rates to Rise as CBN Sells Fresh T-Bills Wednesday
By Dipo Olowookere The recent increase.
Further Crash in Crude Oil Price to Weaken Naira
By Dipo Olowookere There are indications.
NSE Fines This Company N4.9m
By Dipo Olowookere The big hammer.
40 Equities Led by Ecobank Buoy ASI by 3.07%
By Dipo Olowookere A total of.
Nestle Nigeria, 23 Others Keep NSE Index Flying by 0.62%
By Dipo Olowookere The positive momentum.
Sylva Plans Big for Nigeria’s Oil Sector
By Adedapo Adesanya Nigeria’s new Minister.
Naira Weakens by 0.04% as Turnover Climbs to $680m Friday
By Adedapo Adesanya Trading ended this.
Oil Suffers as China Slams $75bn Tariffs on US Goods
By Adedapo Adesanya While the oil.