By Dipo Olowookere
The secondary market for treasury bills closed bullish on Wednesday as investors anticipate the floating of an OMO auction on Thursday to soak the excess liquidity in the financial system.
At the close of business, the average T-bills yield went down by 0.11 percent to settle for the day at 11.43 percent.
Business Post observed that only the 3-month bill recorded a rise in yield, closing 0.03 percent higher to settle at 11.15 percent.
The 6-month tenor suffered the highest loss in yield, going down by 0.21 percent yesterday to close at 11.95 percent.
Yield on the one-month maturity went down by 0.14 percent to end at 9.65 percent, while yield on the 12-month bill fell by 0.10 percent to settle at 12.95 percent.
As earlier stated, investors will today expect the Central Bank of Nigeria (CBN) to issue OMO bills in absorb the maturing N92 billion debt instruments.
Meanwhile, the average money market rates inched higher on Wednesday by 3.25 percent to close at 6.86 percent.
This was buoyed by the 3.21 percent growth posted by the Open Buy Back (OBB) rate and the 3.29 percent appreciation recorded by the Overnight (OVN) rate.
At the close of business, the OBB rate settled at 6.50 percent, while the OVN rate finished at 7.21 percent.
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