By Dipo Olowookere
Average treasury bills yields appreciated on Wednesday by 0.26 percent on the back of sustained bearish sentiment at the market, Business Post is reporting.
During the midweek trading session, investors embarked on slight selloff on some short tenor bills, but with sustained interests on the longer end of the curve.
This pushed the average yields upward to 13.52 percent in the absence of the sale of OMO bills by the Central Bank of Nigeria (CBN).
Apart from the 12-month bill which marginally dropped 0.01 percent to settle at 15.12 percent, yields on other tenors appreciated yesterday.
The one-month note rose by 0.63 percent to finish at 11.08 percent, the 3-month paper appreciated by 0.58 percent to end at 12.33 percent, the 6-month bill went up by 0.02 percent to settle at 14.31 percent, while the 9-month instrument closed 0.05 percent higher to 14.75 percent.
With N129 billion worth of OMO bills maturing today, rates are expected to ease as the apex bank is anticipated to resume its sale of the debt instrument.
A look at the money market showed that the average rates depreciated by 0.59 percent to settle at 9.29 percent.
This occurred as the system liquidity remained moderately robust at about N107 billion opening the day.
The Open Buy Back (OBB) and the Overnight (OVN) rates consequently declined by 0.50 percent and 0.67 percent respectively to 8.83 percent and 9.75 percent apiece.
Barring any significant OMO sale by the central bank today, the rates are anticipated to remain relatively stable.
