The average yields of treasury bills saw moderate surge of 0.08 percent to finish at 12.71 percent during midweek trading at the t-bills market.
The market witnessed a huge sell-off at the T-bills market as the yields on the 6-month, 9-month and 12-month tenors surged to 0.41 percent, 0.09 percent and 0.02 percent respectively.
However, the yields on the shorter tenors; 1-month and 3-month, fell by 0.01 percent and 0.03 percent respectively.
System liquidity remained significantly buoyant yesterday at around N460 billion.
Investors on Thursday anticipated some maturing OMO bills. As such, the yields are expected to inch slightly higher today as the Central Bank of Nigeria, CBN, intervenes via an OMO auction.
Meanwhile, the money market rates marginally declined on Wednesday by 0.67 percent, closing at 3.08 percent.
While the Open Buy-Back (OBB) rate dropped from 3.50 percent to 2.83 percent, the Overnight (OVN) rate fell from 4 percent to 3.33 percent.
The decline in the money market rate came on the back of the robust system liquidity.
However, the rates are expected to trend slightly higher on Thursday due to an anticipated OMO sale by the CBN.