By Dipo Olowookere
The treasury bills market traded marginally bearish on Wednesday with yields expanding slightly higher by 0.05 percent.
According to analysts at Zedcrest Research, there were some selloffs witnessed mostly on the Aug-Jan Maturities.
“This came on the back of expectations for a renewed supply of OMO T-bills at an audition by the Central Bank of Nigeria (CBN) today,” Zedcrest Research said.
“Yields consequently inched higher by 0.05 percent on average,” the first added.
“We expect yields to be fairly stable today as the CBN is expected to conduct another auction to mop up inflows from about N293 billion maturing OMO bills,” it added.
Meanwhile, the Open Buy Back (OBB) and Overnight (OVN) rates remained relatively stable at 7.07 percent and 8.21 percent respectively as system liquidity remained relatively buoyant at N230 billion despite the outflows from the OMO T-bills sales in the previous session.
However, rates are expected to be relatively stable today on the back of OMO maturities inflows, which should be offset by an OMO auction by the CBN.
