There are expectations that interbank rates would drop this week as there would be mild demand for securities.
Despite improved liquidity, the treasury bill market had a quiet session with mild selloffs sighted at the end of the week.
Hence, the average benchmark yield increased by 395 basis points (bps) week-on-week to close at 8.43percent.
The secondary market for the Open Market Operation (OMO) bill stayed bullish despite the two OMO bill auctions held during the week. The average benchmark yield declined by 1213bps week-on-week to 11.37percent.
The CBN offered N100billionn for the auction held on Wednesday, December 20 and recorded an oversubscription of 322percent valued at N422billion but eventually sold N100.8billion for 186-day and 361-day tenors only with no allotment for 91-day.
The 186-day and 361-day had a stop rate of 12.00percent and 15.00percent respectively. At the auction on Friday, December 22, the CBN offered N300billion and had a N571.1billion subscription but eventually had no allotment.
READ ALSO FROM NIGERIAN TRIBUNE
