By Dipo Olowookere
The treasury bills market remained bullish on Monday, with the corresponding yields closing lower by 0.20 percent at the close the trading session.
According to analysts at Zedcrest Research, demand interests at the market yesterday were bolstered by the surplus system liquidity levels.
Also having a significant impact on the outcome of the Monday’s trading day was the continued lack of OMO auction by the Central Bank of Nigeria (CBN).
It was disclosed that demand interests remained focused around the mid to long end of the curve at the session.
“We expect yields to remain slightly bullish as market players anticipate the N108 billion NTB auction on Wednesday,” Zedcrest Research said.
Meanwhile, rates in the money market remained relatively stable yesterday on the back of the robust system liquidity levels, with the average rates closing higher by 0.50 percent to settle at 3.07 percent.
This followed the 0.50 percent increase both recorded by the Open Buy Back (OBB) rate and the Overnight (OVN) rate.
While the OBB rate increased to 2.71 percent from 2.21 percent, the OVN rate appreciated to 3.43 percent from 2.93 percent.
According to analysts at Zedcrest Research, “We expect rates to remain stable as there are no significant outflows anticipated.”
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