By Dipo Olowookere
The Central Bank of Nigeria (CBN) for the second straight day failed to conduct its usual sale of treasury bills via Open Market Operations (OMO).
In the last exercise it conducted on Monday, where it offered for sale N30 billion worth of the debt instrument, the apex declared a no sale despite receiving considerable subscriptions from market players.
In the absence of the absence of the OMO auction, the secondary market for treasury bills closed bearish on Wednesday.
Business Post reports that the average T-bills yields appreciated by 0.18 percent yesterday to finish at 14.24 percent.
This rise in yields was buoyed by the huge appreciation recorded by the 6-month maturity at the market on Wednesday.
The paper rose by 1.23 percent at the close of business to settle at 15.03 percent.
Apart from the 6-month note, all other tenors suffered decline in their yields on Wednesday, with the one-month debt instrument leading the pack with 0.14 percent fall to close at 10.21 percent.
The 3-month tenor followed with 0.12 percent decline to end at 12.05 percent, the 9-month paper lost 0.06 percent to finish at 16.58 percent, while the 12-month note depreciated by 0.03 percent to settle at 17.32 percent.
Today, treasury bills worth N580 billion will mature and the apex bank is expected to float an OMO sale to soak the effect of the inflows into the financial system.
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