The Money Market

Market opened about N127.6billion down today as rates rose again by about 0.50% following tighter liquidity. OBB and overnight closed at 15.50% and 15.75% respectively. We sense that there might be intermittent liquidity intervention from the Central Bank to regulate rates pending the Federal Account Allocation Committee (FAAC) disbursement inflow.

Treasury Bills Market

The Treasury bills market was fairly active today as it witnessed intraday activities on a few maturities. Major activity was centred on the July bills (19-July-12) and the August bills (9-Aug-12) which went up by an average of 0.30%.

Current Benchmark yields are;

91days – 14.10%

182 days –15.00%

364 days –14.85%

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