By Dipo Olowookere
The average money market rates increased by 1.84 percent on Monday to settle at 4.34 percent, Business Post reports.
The rise in the rates was boosted by the sustained robust liquidity in the financial system and this consequently raised the overnight (OVN) rate by 1.92 percent to 4.67 percent from 2.75 percent, and the open buy back (OBB) rate by 1.75 percent to 4.00 percent from 2.25 percent.
With no significant funding need anticipated, rates are expected to remain at single digit for the most part of the week.
At the treasury bills space of the fixed income market on Monday, yields of the investment tool at the secondary market increased for all maturities tracked on bullish activity, with the average yield rising slightly by 0.08 percent to 2.31 percent.
This followed the 0.14 percent growth recorded by the yield on the 6-month bill, closing at 2.46 percent as against 2.32 percent it previously ended.
Yield on the 12-month tenor increased by 0.13 percent to 3.28 percent from 3.15 percent, yield on the one-month maturity appreciated by 0.03 percent to settle at 1.67 percent as against the previous 1.64 percent, while yield on the 3-month instrument rose by 0.02 percent to 1.84 percent from 1.82 percent.
Rates might inch up slightly in the interim, with some respite expected from OMO maturities later in the week.
Adedapo Adesanya 
Modupe Gbadeyanka