By Dipo Olowookere
Average treasury bills yields declined on Tuesday ahead of the Primary Market Auction (PMA) on Wednesday by the Central Bank of Nigeria (CBN).
Business Post reports that buying pressure from investors pushed the yields downward yesterday by 0.11 percent to settle at 12.49 percent.
It was observed that at the market yesterday, only the six-month bill recorded an uptick, appreciating by 0.07 percent to close at 13.18 percent.
The one-month instrument went down by 0.13 percent to finish at 11.64 percent, the three-month bill declined by 0.23 percent to end at 11.06 percent, while the one-year bill crashed by 0.13 percent to settle at 14.01 percent.
Analysts at Business Post are of the view that yields will likely remain at the present level today with the Central Bank of Nigeria (CBN) rollover N33.81 billion treasury bills at the PMA.
Meanwhile, the average rates at the money market contracted by 4.18 percent on Tuesday to settle at 12.18 percent.
This came on the back of the 4.29 percent decline recorded by the Open Buy Back (OBB) rate and the 4.07 percent depreciation printed by the Overnight (OVN) rate.
At the close of transactions, the OBB rate dropped to 11.71 percent from 16.00 percent, while the OVN rate crashed to 12.64 percent from 16.71 percent.
