By Dipo Olowookere
The money market rates were relatively calm on Tuesday as system liquidity remained buoyant at N244 billion positive.
Business Post reports that the average money market rates depreciated by 0.46 percent following the 0.33 percent and 0.58 percent decline in the Open Buy Back (OBB) and Overnight (OVN) rates respectively.
The OBB rate dropped to 9.17 percent from 9.50 percent yesterday, while the OVN rate fell eased to 10.00 percent from 10.58 percent.
With no significant outflows expected at the market today, the rates are expected to remain stable.
Meanwhile, the treasury bills market remained scantily traded, with yields compressing marginally by 0.05 percent on average.
However, some profit takings were observed on the longer end of the curve in anticipation of another OMO auction on Thursday.
More profit takings activities are expected at the market as well as slight selloff as market players reposition ahead of the OMO auction expected by the Central Bank of Nigeria (CBN) on Thursday.
more recommended stories
Nigeria Pledges Necessary Sacrifice for Oil Market Stability
By Adedapo Adesanya The Minister of.
FAAC Allocation to FG, States, LGAs Drops 9.6%
By Adedapo Adesanya Total allocation to.
CBN Alerts Nigerians of COVID-19-Related Cyber Crimes
By Adedapo Adesanya The Central Bank.
Crude Oil Can Never Go Below $20—NNPC
By Adedapo Adesanya **As Nigeria Says.
COVID-19 Disrupts NAHCO FY19 Earnings Audit
By Dipo Olowookere The board of.
Fitch Downgrades Nigeria to ‘B’ on Weak Fiscal Buffers
By Dipo Olowookere Nigeria’s Long-Term Foreign-Currency.
FG Discloses Plan to Borrow $6.9bn to Boost Economy
By Adedapo Adesanya As part of.
Investors Pull Out N222bn from Stock Market on Monday
By Dipo Olowookere The sum of.