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Overnight Rate Rises to 19.75% as CBN Sells N65.73b OMO Bills

By Modupe Gbadeyanka

The overnight rate on Monday increased to 19.75 percent from 7.75 percent last Friday as a result of the sale of treasury bills by the Central Bank of Nigeria (CBN) through the open market operations (OMO) today.

Also, the open buy back (OBB) rate grew at the close of business to 17.83 percent from 7.17 percent last Friday.

At the market today, the central bank sold a total of N65.73 billion worth of treasury bills via the OMO to investors.

Business Post reports that the treasury bills market was relatively quiet as market players continued to pour their demand into the OMO auction by the CBN.

At the close of business, the apex bank sold 94-day bills worth N4 billion at 16 percent, while it sold 185-day bills worth N61.73 billion at 17.80 percent.

At the market today, there were some buying interests on some December 17 (-295 basis points) and April 18 (-60 basis points) bills, as the average T-bills yields declined by 13 basis points to 18.06 percent.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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