By Modupe Gbadeyanka
On Tuesday, the Central Bank of Nigeria (CBN) continued with its open market operations (OMO) auction, selling a total of N48.188 billion bills at the close of market.
Business Post reports that the market was relatively quiet yesterday as the average treasury bills yields depreciated to 18.69 percent after shedding 32 basis points.
Result of Tuesday’s sale by the apex bank showed that a total of N98.88 million of the 100-day bill was sold by the CBN at 16 percent stop rate, while N48.09 billion worth of the 198-day bill was also auctioned at 17.80 percent stop rate.
It was observed that traders continued to cherry pick some of the high yielding bills above 18 percent in the market.
Meanwhile, the overnight rate fell on Tuesday to 26.25 percent from 38.92 percent recorded on Monday.
In the same vein, the open buy back (OBB) rate further depreciated to 24.67 percent yesterday from 37.50 percent the previous day.
