The treasury bills market opened the new week bullish as stakeholders prepare for the primary market auction scheduled for today, Wednesday, April 17.
A total of government securities worth N58 billion would be offered to investors, during the exercise set to be conducted by the Central Bank of Nigeria, CBN.
According to analysts at Zedcrest Research,at the market on Monday, there was an aggressive yield declines, about 1.35 percent observed on the short to medium end of the curve.
This was speculated to have occurred following the significant amount of liquidity in the system after the recent slowdown in OMO auction sales by the CBN.
However, this trend is expected to linger ahead of the OMO auction scheduled for Thursday.
Meanwhile, the money market rates stayed stable on Monday as system liquidity remained significantly strong, currently estimated at about N610 billion from N680 billion opening yesterday.