By Dipo Olowookere
The average money market rates depreciated on Thursday by 5.6 percent to settle at 10.14 percent, Business Post reports.
This came on the back of the inflows of N33 billion from the maturing Open Market Operations (OMO) bills yesterday, which improved system liquidity.
At the close of transactions yesterday at the money market, the Open Buy Back (OBB) rate declined to 9.71 percent from 15.14 percent.
Similarly, the Overnight (OVN) rate, which closed at 16.29 percent on Wednesday, settled at 10.57 percent on Thursday.
Analysts are of the opinion that the rates should rise today as market players fund for the Retail FX auction by the Central Bank of Nigeria (CBN), which should mop up most of the existing system liquidity balance.
In a related development, the secondary market for treasury bills was relatively quiet yesterday with yields rising slightly by 0.05 percent.
Profit taking activities were witnessed on some short and mid tenured maturities during the trading session.
Yields on the one-month bill dropped 0.36 percent to close at 10.77 percent, while the six-month tenor lost 0.03 percent to settle at 13.96 percent.
However, the three-month maturity appreciated by 0.08 percent to close at 11.25 percent, while the 12-month paper ended flat at 14.61 percent.
Economy5 years ago
Kwara Disburses N1.7b For Projects
Technology4 months ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN
Economy3 years ago
FAAC: FG, States, LGs Share N655.18b in January
Feature/OPED1 year ago
Davos was Different this year
Feature/OPED1 month ago
COVID and the Growth of Technology in Nigeria
Brands/Products2 months ago
Unilever Sells New Closeup Variant on Jumia at Lower Prices
Economy4 weeks ago
OPL 245: FG Fumes as Milan Court Acquits Eni, Shell
Banking3 years ago
Sort Codes of GTBank Branches in Nigeria