The Money Market
The Money Market opened today with N91.3billion short position due to the N71 Billion cash injection from the OMO Bills maturities.
Consequently, the interbank rates dropped by 1% with overnight rate at 14.75% and Open Buy Back (OBB) rate at 14.25%.
Dealers expect the rates to inch back up as the Treasury Bill Primary auction next week will have about N71 Billon Treasury Bills on offer taking out an equal amount as that of the OMO Bills that matured today. They however hoped that the auction coincides with the Federal Account Allocation Committee’s (FAAC) disbursement.
Treasury Bills Market
Currently, yields (offer) in the secondary market are;
• o 91days - 13.90%
• 182 days – 14.55%
• 364 days – 14.40%

Read More: http://myfinancialintelligence.com/index.php/2011-09-27-04-13-15/markets/17331-daily-market-update-april-19-2012