Modupe Gbadeyanka
By Modupe Gbadeyanka
A total of N84.30 billion was raised on Monday from the Open Market Operations (OMO) auction conducted by the Central Bank of Nigeria (CBN).
The amount was realized from the sale of the N100 billion worth of the 248-day bill offered to traders by the apex bank.
It was observed that the shorter tenured bill, 87-day bill recorded no bids despite the central bank putting up N50 billion worth of the instrument to market players.
Business Post reports that the treasury bills market was sparsely traded as investors look forward to the second PMA of the year tomorrow.
Today, analysts expect the market to remain scantily traded ahead of Wednesday’s exercise, where the CBN is offering N253 billion worth of T-bills to traders.
Meanwhile, the money market rates slightly move upwards on Monday with the Overnight lending rate rising to 6.58 percent from 5.33 percent in the last trading session.
Also, the open buy back (OBB) appreciated to 5.83 percent yesterday from 4.50 percent recorded last Friday.
The growth was buoyed by the sale of N84 billion treasury bills via the OMO as well as the injection of $210 million into the foreign exchange market yesterday by the central bank.
