Yield on Nigerian Treasury Bills Falls to 22%
The average yield on Nigerian treasury bills fell to by four basis points to settle at 22% in the secondary market following buying momentum registered on Monday.
Before inflation data release, investors had slowed down trading activities on expectation of a huge decline in consumer price index.
The market opened the week on a relatively quiet note, with minimal activity as market participants adopted a cautious stance to weigh inflation rate direction.
Traders said only mild activity observed at the long end of the curve. Buying interest was recorded at the long end of the curve, particularly for the 6- Nov (-5bps) and 8-Jan (-4bps) maturities, closing at 24.59% and 23.08%, respectively.
Overall, the average benchmark yield declined by 4bps to 22.02%, investment firms –Cordros Capital and TrustBanc Financial Group reported.
Across the curve, the average yield declined at the short (-4bps), mid (-4bps), and long (-4bps) segments, Cordros capital Limited said in an investors note.
The yield contraction was said to be driven by demand for the 80-day to maturity (-4bps), 176-day to maturity (-4bps), and 262-day to maturity (-4bps) bills, respectively. Similarly, the average yield declined by 6bps to 26.4% in the OMO bills segment in the secondary market. # Yield on Nigerian Treasury Bills Falls to 22%. #Yield on Nigerian Treasury Bills Falls to 22%#
