By Modupe Gbadeyanka
The average yields of treasury bills slightly went up on Wednesday by 0.08 percent to finish at 12.71 percent.
There was a huge sell-off at the T-bills market yesterday as the yields on the 6-month, 9-month and 12-month tenors surged to 0.41 percent, 0.09 percent and 0.02 percent respectively.
However, the yields on the shorter tenors; 1-month and 3-month, fell by 0.01 percent and 0.03 percent respectively.
Business Post reports that the system liquidity remained significantly buoyant yesterday at around N460 billion.
Today, investors will anticipate some maturing OMO bills.
Consequently, the yields are expected to inch slightly higher today as the Central Bank of Nigeria (CBN) intervenes via an OMO auction.
Meanwhile, the money market rates marginally declined on Wednesday by 0.67 percent, closing at 3.08 percent.
While the Open Buy-Back (OBB) rate dropped from 3.50 percent to 2.83 percent, the Overnight (OVN) rate fell from 4 percent to 3.33 percent.
The decline in the money market rate came on the back of the robust system liquidity.
However, the rates are expected to trend slightly higher on Thursday due to an anticipated OMO sale by the CBN.
This is anticipated to be moderated by inflows from the around N215 billion Maturing OMO bills today.
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