By Dipo Olowookere
The treasury bills market was marginally upbeat on Tuesday, August 07, 2018 with the average yields slightly going down at the close of transactions.
Business Post gathered that most activities focused on the shorter end of the curve as investors focus on the maturing bills on Thursday.
At the close of business, the average treasury bills yields depreciated by 0.06 percent to settle at 11.91 percent.
According to analysts at Zedcrest Research, the yields are expected to record a slight downtrend tomorrow on the back of a relatively buoyant level of system liquidity.
“Trading activities are however still expected to be focused on the shorter end of the curve,” the firm stated in its daily report.
Meanwhile, the lending rates at the money market on Tuesday marginally decline at the close of transactions.
The average money market rates went down by 0.21 percent to 8 percent.
While the Open Buy Back (OBB) rate dropped to 7.58 percent from 7.92 percent the previous session, the Overnight (OVN) rate declined to 8.42 percent from 8.50 percent.
It was observed that the rates recorded the slight drop as there were no significant outflows from the system which opened today at N330 billion positive according to figures published by the Central Bank of Nigeria (CBN).
“We expect rates to remain stable tomorrow, as there are no significant outflows expected from the system,” Zedcrest Research said.