The Central Bank of Nigeria, CBN, for the third straight day, failed to conduct its regular sale of treasury bills through the open market operations, OMO.
The last OMO auctioning by the central bank was on Thursday, November 30, 2017, and no sale was done that day despite receiving N61 billion worth of subscriptions from traders.
Since the beginning of this week, after the resumption from the public holiday observed last Friday, the CBN has not conducted any OMO auction. As such, average yields of T-bills at the market dropped.
At the close of business on Wednesday, the yields slumped to 16.81 percent after dropping 70 basis points. If the CBN fails to resume the OMO auction exercise, the yields are expected to further dip on Thursday, December 7.
