The treasury bills market closed slightly bearish with yields leaping by 0.15 percent on the average.
This surge came on the heels of the slight squeeze in system liquidity and some profit taking by market players in anticipation of an Open Market Operations, OMO, on Thursday, May 10, by the Central Bank of Nigeria, CBN, analysts at Zedcrest Research have said in their daily market report.
The T-bills market, on Monday, was traded sparsely with slight sell witnessed on the shorter end of the curve, following outflows for wholesale forex interventions by the CBN.
However, the yields are expected to further grow on Wednesday (today) as market players look to refresh their positions at the auction.
In other development, the money market rates slumped marginally on Tuesday with both the Open Buy Back (OBB) and Overnight rates going down at the close of transactions.