Average T-Bills Yields Drop as CBN Suspends OMO Auction

By Dipo Olowookere

The average treasury bills yields lost about 12 points at the market on Monday, Business Post reports.

This was as the Central Bank of Nigeria (CBN) yesterday suspended its regular auction of the bills via the open market operations (OMO).

It was observed that the market was marginally bullish on Monday despite the decline in the average yields with demand witnessed on some medium tenured bills.

However, the overnight rate dropped yesterday to 23.33 percent from 29.08 percent last Thursday when activities last happened at the money market.

Similarly, the open buy back (OBB) rate fell slightly on Monday to 21.50 percent from 25.83 percent last week.

A further decline is anticipated today as traders closely monitor the monetary policy actions of the apex bank.

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Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]