By Dipo Olowookere
As the suspension of the sale of OMO bills by the Central Bank of Nigeria (CBN) enters the fourth consecutive day, the average yields of treasury bills continue to depreciate.
At the close of market on Wednesday, the yields further declined by 0.15 percent as investors try to take positions in anticipation of OMO maturity inflows tomorrow.
Barring a resumption in OMO issuance on Thursday by the central bank, the yields are expected to depreciate further.
With the market positive today, there were significant interests on the Mar 22, Apr 19 and Jan 31 bills.
Business Post expects the treasury bills market to remain slightly bullish on Thursday especially if the apex bank refuses to conduct another OMO.
Meanwhile, the overnight and open buy back rates depreciated on Wednesday, with the overnight rate dropping to 13.25 percent from 19.92 percent, while the OBB rate fell to 12 percent from 19.33 percent.
With the anticipated inflows from the N57 billion maturing bills tomorrow, the rates are expected to decline further.
Adedapo Adesanya 
Modupe Gbadeyanka