The Central Bank of Nigeria, CBN, last week Thursday mopped up excess liquidity in the system with the sale of treasury bills worth N355.4 billion.
This came as treasury bills, both OMO and the primary market, worth N150 billion matured on Friday.
A breakdown of the OMO auction by the central bank showed that N143.65 billion worth of the 84-day bill was sold on Thursday at 13 percent, while N211.71 billion worth of the 315-day bill was traded at 14.80 percent.
The treasury bills market was relatively bearish, despite the CBN auction. Consequently, the average T-bill yields increased to 15 percent, Business Post reports.
Meanwhile, the money market rates depreciated at the close of business on Thursday after the sale of N355.4 billion worth treasury bills and the maturing N150 billion bills.
Specifically, the overnight rate dropped to 6.42 percent from 8.42 percent, while the open buy back (OBB) rate fell to 5.67 percent from 7.67 percent.
