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Money Market Rates Remain Calm as T-Bills Yields Shed 0.05%

By Dipo Olowookere

The money market rates were relatively calm on Tuesday as system liquidity remained buoyant at N244 billion positive.

Business Post reports that the average money market rates depreciated by 0.46 percent following the 0.33 percent and 0.58 percent decline in the Open Buy Back (OBB) and Overnight (OVN) rates respectively.

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The OBB rate dropped to 9.17 percent from 9.50 percent yesterday, while the OVN rate fell eased to 10.00 percent from 10.58 percent.

With no significant outflows expected at the market today, the rates are expected to remain stable.

Meanwhile, the treasury bills market remained scantily traded, with yields compressing marginally by 0.05 percent on average.

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However, some profit takings were observed on the longer end of the curve in anticipation of another OMO auction on Thursday.

More profit takings activities are expected at the market as well as slight selloff as market players reposition ahead of the OMO auction expected by the Central Bank of Nigeria (CBN) on Thursday.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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