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MarketNews
Excess liquidity in the Nigerian financial system surged about 33% after heavy OMO bill
The market anticipates a bullish run in secondary market transactions for Nigerian Treasury bills on Thursday, a day after the Central Bank of Nigeria (CBN) rejected 60% of the aggregate subscription at its auction.
The Central Bank of Nigeria (CBN) reduced the Treasury bills spot rate by 4 basis points to 17.66%, according to details from primary market auction results obtained by MarketForces Africa.
The average yield on Nigerian Treasury bills declined as fixed income investors piled into positions ahead of the midweek auction, Broadstreet traders said.
The Central Bank of Nigeria (CBN) conducted an open market operation on Tuesday, offering N600 billion in OMO bills for subscription across four tenors.
The Central Bank of Nigeria (CBN) is scheduled to raise N750 billion from Treasury bills subscription at the primary market auction on Wednesday.
In the bond market, trading activities reflected bearish investor sentiment ahead of inflation