The Central Bank of Nigeria, CBN, last week Thursday resumed the sale of treasury bills through the Open Market Operations, OMO, thus mopping up N67.7 billiion from the system.
The exercise occurred four days after a lull in the treasury bills market and also on a day N57 billion worth of OMO bills matured at the market.
A result of the OMO sales N67.7 billion was made from the 182-day bill sold at 14.40 percent as investors shunned the 98-day bills offered by the CBN.
Meanwhile, average yields slumped slightly by 0.07 percent as a result of mop up of excess liquidity from the N57 billion maturing OMO bills.
The yields are expected to close marginally higher tomorrow due to expected squeeze in system liquidity from the expected debits for bond auction and possible OMO sales by the apex bank.
Money market rates on the other hand, declined on Thursday as inflows from OMO maturies assisted in offsetting outflows from the OMO auction sales by the central bank.
The overnight rates dropped to 10.17 percent today from 13.25 percent yesterday, while the Open Buy Back (OBB) rate depreciated to 9.83 percent from 12 percent.
