The Central Bank of Nigeria, CBN, for the fourth consecutive day suspended the sale of OMO bills, thus dragging down the average yields of treasury bills.
At the close of market on Wednesday, the yields further plunged by 0.15 percent as investors try to take positions in anticipation of OMO maturity inflows tomorrow.
Yields are expected to depreciate further, barring a resumption in OMO issuance on Thursday, February 22, by the apex bank.
Meanwhile, the overnight and open buy back rates depreciated on Wednesday, with the overnight rate dropping to 13.25 percent from 19.92 percent, while the OBB rate fell to 12 percent from 19.33 percent.
With the anticipated inflows from the N57 billion maturing bills tomorrow, the rates are expected to decline further,Business Post reports.
