Money market rates are expected to remain in single digit band as Open Market Operation (OMO) maturity of N309.1billion expected to hit the system adds to liquidity.
Hence one dealer said “money market rates should remain in the single-digit band, barring the resumption of aggressive OMO mop ups by the CBN. More so, dealers at Afrinvest said they expect a largely positive performance in the secondary T-Bills market as investors with unsuccessful bids at the Primary Markets Auction (PMA) held last week mull over opportunities in the secondary market.
Meanwhile, the Central Bank of Nigeria (CBN) Thursday raised N161.54 billion ($513.64 million) through Treasury Bills (T-Bills) and received subscriptions for more than twice the amount on offer.The CBN sold N115.85 billion of one-year debt at a rate of 14.30 percent. It auctioned N11.77 billion and N33.93 billion respectively in three- and six-month maturities at 12.54 percent and 13.92 percent. Total subscription stood at N388.50 billion.