Average yields plunged as activities resumed on Monday on the back of the bearish mood at the treasury market. T-bill yields depreciated to 15.54 percent from 16.24 percent in the previous session.
The drop and downward momentum at the market comes as the Central Bank of Nigeria, CBN, is yet to resume the sale of the government instrument via the open market operations (OMO).
This bearish trend is expected to continue on Tuesday especially in the absence of any significant intervention by the apex bank.
Meanwhile, the overnight rate depreciated to 4.08 percent from 6.25 percent recorded in the last trading session on Friday.
Similarly, the open buy back (OBB) rate slumped to 3.25 percent from 5.17 percent in the last previous session.
The fall by the rates was caused by the inflows from FAAC payments as well as the retail forex refunds by the CBN.
The rates are expected to remain lowered as market players anticipate inflows of N70 billion from OMO, Business Post reports.
