Average yields of treasury bills recorded a slight surge of 0.05 percent, on Tuesday, as the market sustained bearish mood.
The Central Bank of Nigeria, CBN, on Monday, continued with the sale of T-bills via the open market operations, OMO.
At the end of the exercise, a total of N87.83 billion worth of the government instrument was sold to traders at the market.
Specifically, the apex bank allotted N410 million worth of the 93-day bill to investors at 12.60 percent, while it sold N87.42 billion worth of the 205-day bill at 14.40 percent.
While the short-tenor instrument recorded low subscription (N30 billion put on offer), the long tenor bill caught the attention of traders (N70 billion on offer by the CBN), Business Post reports.
Like Monday, the T-bills market is expected to remain slightly bearish today.
Meanwhile, the money market rates depreciated on Tuesday as the central bank continued with its mop up of the system through the issuance of OMO.
The overnight droppedi to 15.50 percent yesterday from 16.17 percent the previous day, while the open buy back (OBB) rate dropped to 14.67 percent from 15.17 percent on Monday.