By Modupe Gbadeyanka
On the first trading day of the week on Monday, February 26, 2018, treasury bills yields suffered a slight depreciation of 0.04 percent.
Also yesterday, the T-bills market traded on a quiet note as the Central Bank of Nigeria (CBN) conducted its regular OMO auction as well as its usual forex interventions in the wholesale, SMEs and invisibles segments of the FX market.
Analysts at Zedcrest Capital revealed that anticipated inflows from FAAC and Retail FX refunds are expected to fuel bullish sentiments in the market today.
Meanwhile, the money market rates depreciated yesterday on the backdrop of expectations of increased liquidity inflows from FAAC and retail FX refunds.
While the overnight rate fell to 8.83 percent from 12.42 percent, the Open Buy Back (OBB) rate dropped to 7.92 percent from 11.50 percent.
System liquidity is however estimated to close at N58 billion long owing to outflows for the Wholesale FX interventions by the CBN.
“We expect rates to trend downwards tomorrow, as the inflows from FAAC (c.N305bn) and retail refunds hit the system,” Zedcrest said.
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