The treasury bills market, on Monday, saw a slightly bearish trade as a result of the continued squeeze in system liquidity, following the OMO and FX sales by the Central Bank of Nigeria, CBN.
The CBN auctioned forex worth $210 million to foreign currency traders in the interbank market segment.
Treasury bills yields marginally increased at the market by 0.13 percent to 15.38 percent, as the apex bank sold a total of N17.96 billion worth of the 241-day bill to investors at 14.40 percent.
The apex bank had offered N30 billion worth of the 241-day instrument to traders. However, the CBN posted a no sale notice for the 94-day on Tuesday after receiving no bids from the N20 billion worth of the bills offered for sale.
Meanwhile, the money market rates slumped on Monday as market players priced in the anticipated release of retail refunds by the CBN.
The overnight rate depreciated to 20 percent from 45.50 percent, while the open buy back rate crashed to 18 percent from 43.33 percent.
