The money market rates recorded a further decline on Wednesday, even as Treasury bills yield dropped following the failure of the Central Bank of Nigeria, CBN to conduct the usual auction of t-bills through the open market operations, OMO.
The overnight rate, which closed on Tuesday at 16.75 percent, slightly went down to 14.83 percent at the close of business on Wednesday.
In the same vein, the open buy back (OBB) rate slumped to 13.83 percent yesterday from 16 percent recorded the previous day.
Meanwhile, since the beginning of this week, after the resumption from the public holiday observed last Friday, the CBN has not conducted any OMO auction. As such, average yields of T-bills at the market dipped.