By Dipo Olowookere
Trading activities at the treasury bills market in Nigeria remained slightly bullish on Tuesday like in the previous session.
However, unlike on Monday, when market players focused more on the short tenured bills, traders shifted attention to the longer end of the curve (Jan-April) on Tuesday. These instruments were traded down around the 11.50-10.50 region.
But the yields stayed relatively flat, compressing marginally by 0.03 percent as yields tick slightly higher on some short and medium tenured maturities.
According to analysts at Zedcrest Research, the market is expected to remain slightly bullish today as market players anticipate inflows from OMO maturities (N267 billion), retail forex refunds and FAAC payments on Thursday.
This is however expected to be moderated by an OMO auction sale on Thursday and outflows for retail SMIS and bond auction settlement on Friday.
Meanwhile, Business Post reports that the money market rates marginally declined at the close of business on Tuesday.
Specifically, the overnight rate closed at 3 percent from 3.25 percent the previous day, while the Open Buy Back (OBB) rate dropped to 2.58 percent from 2.83 percent.
This slight depreciation in the rates occurred as system liquidity remained relatively unchanged at N400 billion long.
However, the rates are expected to remain relatively stable today as there are no significant outflows anticipated from the system.
Adedapo Adesanya 
Modupe Gbadeyanka