There are expectations that activity in the money market would be bullish as the market awaits liquidity boost from the maturing N72.50 billion worth of Open Market Operations (OMO) bills.
Cowry investment research firm expects the buying interest would further be driven by traders’ expectation of a cut in bond rates in the course of the week.
In the OMO bills market last week, the average yield across the curve decreased by 33 basis points (bps) to close at 5.62 per cent as against the last close of 5.95 per cent. Average yields across short-term, medium-term, and long-term maturities declined by 36 bps, 31 bps, and 20 bps, respectively.
Dealers said yields on 17 bills fell with the 23-Nov-21 maturity bill recording the highest yield decrease of 39 bps.
Similarly, Nigeria Treasury Bills secondary market closed on a mildly negative note with average yield across the curve increasing by 7 bps to close at 5.19 per cent from 5.12 per cent on the previous day.
Average yields across medium-term and long-term maturities according to dealers expanded by 4 bps and 12 bps, respectively.
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