Monday, April 03, 2018 /01:40 PM / Afrinvest Research
In the Treasury Bills (“T-Bills”) market last week, trading was largely quiet due to tight system liquidity up until Thursday where the market witnessed a mildly bullish performance on the back of improved liquidity as N189.0bn worth of matured T-Bills hit the system.
Consequently, the Apex bank also refrained from its regular OMO mop ups thus, average yield marginally declined 7bps on Thursday. Please see indicative rates and tenors for today in the table below:
Kindly note that indicative rates are valid till 1:30pm today (03-Apr-2018)
The CBN will conduct a Primary Market Auction (“PMA”) tomorrow, offering N190.4bn across the 91, 182 and 364-day tenors. Please see the results of the previous auction (21-Mar-2018) below:
We expect activity in the secondary market to remain quiet for the four trading sessions this week amidst the PMA auctions as traders remain cautious ahead of MPC meeting scheduled to hold today and tomorrow. We also do not rule out the possibility of OMO Auction towards the end of the week.
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