One-Year T-Bills Yields Gain 0.02% to Settle at 17.35%

By Dipo Olowookere

The treasury bills market on Thursday was bullish with the corresponding average yields depreciating at the close of business.

Business Post reports that the market was dominated yesterday by positive sentiment as investors observe happenings at the market.

By the time transactions were wrapped up, the average T-bills yield dropped by 0.09 percent to finish at 15.01 percent.

However, yields on the six-month and the 12-month tenors appreciated by 0.16 percent and 0.02 percent respectively yesterday to close at 13.45 percent and 17.35 percent apiece.

But it was observed that the one month, three-month and nine-month maturities depreciated on Thursday by 0.18 percent, 0.28 percent, and 0.18 percent respectively to settle at 14.91 percent, 12.98 percent and 16.39 percent.

The yields are expected to moderate today as market players continue to keep tab on the market and observe moves by the Central Bank of Nigeria (CBN).

Meanwhile, the average money market rate declined on Thursday by 0.34 percent to settle at 12.88 percent.

This followed the 0.17 percent and 0.50 percent decline in the Open Buy Back (OBB) and Overnight (OVN) rates respectively.

Business Post reports that while the OBB rate dropped to 12.50 percent, the OVN rate settled at 13.25 percent.