By Dipo Olowookere
The average treasury bills yields further dropped to 13 percent at the close of transactions on Monday.
According to analysts at Zedcrest Research, the yields lost 0.05 percent yesterday as the T-bills market traded on a slightly bullish note.
This was as market players cherry-picked on most of the higher yielding bills in the market.
However, the yields are expected to maintain a slight downtrend ahead of the next OMO maturity on Thursday.
Meanwhile, the money market rates increased at the close of business on Monday by about 10 percent.
Specifically, the overnight rate went up to 17.42 percent yesterday from 9 percent recorded in the last session.
In the same vein, the Open Buy Back (OBB) jumped to 16.50 percent from 7.83 percent in the previous session.
“This was due to provisioning by banks for their Wholesale FX bids which put pressure on system liquidity which opened at about N66 billion long.
“We expect rates to decline slightly today as there are no significant funding pressures expected,” analysts at Zedcrest Research said.
