By Modupe Gbadeyanka
The treasury bills market opened for trading for this week on a positive note on Monday, with investors getting actively involved, buying mostly the medium tenured instruments.
Consequently, the average yields depreciated by 0.33 percent to yesterday 11.06 percent.
According to analysts at Zedcrest Research, the “market players shifted focus to medium tenured bills (Jul-Nov) with most traded closed to single digit levels at around the 11-19pct area.”
This was a market remained buoyant with liquidity at about N400 billion positive.
“We expect slight buying interests to persist due to the buoyant level of liquidity in the system,” Zedcrest Research said.
Meanwhile, the money market rates were relatively stable on Monday, though system liquidity is however expected to decline slightly to around N400 billion positive following outflows for wholesale forex sales by the Central Bank of Nigeria (CBN).
“We however note that market players expect inflows from retail forex refunds and OMO T-bill repayments to further bolster system liquidity much later in the week, whilst they are expected to be moderated by outflows for OMO auction sales, retail SMIS and bond auction settlement,” the investment research firm said.
Business Post reports that on Monday, the overnight rate declined slightly to 3.25 percent from 3.75 percent last Friday, while the open buy back (OBB) rate fell to 2.83 percent yesterday from 3 percent in the last session.
Dipo Olowookere 
Adedapo Adesanya