12-Month T-Bills Yield Hits 15.18% as OVN Rates Drops to 12.29%
By Dipo Olowookere
The secondary market for treasury bills in Nigeria came under selling pressure on Thursday and this consequently expanded the yields.
Business Post reports that the corresponding yields were stretched by 0.13 percent at the market yesterday to 12.92 percent at close of business.
It was observed that apart from the one-month debt instrument, which suffered a yield depreciation, every other maturity tracked during the trading session closed green.
Yield on the 30-day bill declined by 0.12 percent to settle at 11.93 percent against 12.06 percent it ended in the previous session at the secondary market.
However, for the 90-day tenor, its yield rose by 0.37 percent to close at 11.92 percent, higher than 11.55 percent it finished on Wednesday.
Yield on the 180-day instrument appreciated by 0.23 percent to settle at 12.65 percent against 12.42 percent of the previous trading day, while yield on the 364-day maturity slightly went up by 0.02 percent to 15.18 percent from 15.16 percent.
A look at the money market showed that the average rates depreciated on Thursday by 7.04 percent to close at 11.86 percent.
This was as a result of the 6.86 percent loss suffered by the Open Buy Back (OBB) rate and the 7.21 percent decline recorded by the Overnight (OVN) rate.
This consequently reduced the OBB rate to 11.43 percent and the OVN rate to 12.29 percent on Thursday.