By Dipo Olowookere
The treasury bills market traded on a relatively quiet note on Tuesday with yields compressing slightly by 0.05 percent on average.
According to analysts at Zedcrest Research, this followed slight buys on the Jun, Sep and Dec maturities.
“We expect another quiet trading session tomorrow with some continued demand however on the Sep & Dec maturities as market players shift focus to the primary market auction, where rates are expected to clear slightly above their previous levels due to the increased volumes on offer about N181 billion,” Zedcrest Research analysts said.
Meanwhile, the average money market rates slightly appreciated today by 0.04 percent.
While the Open Buy Back (OBB) increased to 15.17 percent from 11.83 percent yesterday, the Overnight (OVN) rate surged to 16.50 percent from 12.58 percent in the previous session.
The growth recorded by the money market rates on Tuesday occurred as system liquidity remained slightly pressured at around N150 billion positive.
The rates are expected to remain slightly elevated at these levels as there are no significant inflows expected into the system until Thursday when N244 billion worth of OMO T-bill are maturing.
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