The treasury bills market stayed bullish last week Thursday as the Central Bank of Nigeria, CBN, sustained its liquidity mop-up operations.
The mop-up was executed by the apex bank via the sale T-bills worth N215.42 billion via the Open Market Operations, OMO on Thursday.
At the close of the exercise, the CBN raised N5 billion from 98-day bill at 12.60 percent stop rate, while it sold N210.42 billion from the 266-day bill at 14.40 percent.
Meanwhile, with the system liquidity estimated to close lower at N388 billion on Friday following the OMO sales by the CBN, the money market rates are expected to close slightly higher tomorrow as a result of funding for retail FX bids by banks. However, the rates marginally dropped on Thursday.
The overnight rate crashed to 4.67 percent from 5.25 percent, while the Open Buy Back (OBB) rate declined to 3.83 percent from 4.83 percent.
