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T-Bills Market Slightly Bullish as CBN Sells N18.7b Bills

By Modupe Gbadeyanka

The treasury bills market was slightly bullish on Tuesday as investors gear up for the sale of the government securities tomorrow by the Central Bank of Nigeria (CBN) via the primary market.

The central bank is offering about N120 billion NTBs at its primary market auction tomorrow.

A breakdown showed that the apex bank will sell 91-day bills worth N32.44 billion, 182-day bills worth N22.82 billion, and 364-day bills worth N64.68 billion.

The rates are expected to clear at the following levels: 13.05% – 13.15% (91-day); 15.25% – 15.35% (182-day); and 15.45% – 15.65% (364-day).

But today, the apex bank continued with its OMO sales, selling a total of N18.70 billion to traders at the close of business.

Business Post reports that the CBN auction the 93-day bills worth N950 million, and the 177-day bills worth N17.75billion at 16 percent and 17.80 percent stop rates respectively.

Meanwhile, the overnight rate decreased at the close business on Tuesday to 13.42 percent from 19.75 percent yesterday.

In addition, the open buy back (OBB) rate fell today to 12.17 percent from 17.83 percent on Monday.

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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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