90-Day T-Bills Yield Rises to 12.05%

By Dipo Olowookere

It was a mixed session on Tuesday at the secondary market for treasury bills with the average yields marginally going down by 0.005 percent to settle at 14.66 percent at the close of business.

Investors kept a watchful eye on outcome of the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN), which ended yesterday.

The apex bank chief, Mr Godwin Emefiele, who announced outcome of the meeting to newsmen in Abuja, said the benchmark rate was again left at 14 percent.

On the treasury bills yields, only two tenors, the one-month and 12-month papers declined at the market yesterday.

While the 30-day note went down by 0.31 percent to 13.29 percent, the 364-day bill dropped 0.01 percent to finish at 17.11 percent.

Business Post reports that the 90-day bill rose by 0.29 percent to settle at 12.05 percent, the 180-day note appreciated by 0.01 percent to end at 14.30 percent, while the 270-day paper grew by 0.05 percent to close at 16.55 percent.

At the money market, the average rate depreciated by 7.96 percent to settle at 18.29 percent.

This occurred on the back of the respective declines of 7.83 percent and 8.09 percent in the Open Buy Back (OBB) and Overnight (OVN) rates.

Consequently, the OBB rate dropped to 17.50 percent yesterday, while the OVN rate fell to 19.08 percent.