The average yield on Nigeria Treasury bills increased by 10 point in the secondary market.
Treasury bills average yield increase to 24.1% after outflow of N297.01 billion for June 2024.
There is an increase in demand for treasury bill as a result of increase in inflation and investors are searching for investment protection option.
The trading activities in treasury bills market was quiet as many participants focused on the Central Bank of Nigeria (CBN) primary market auction.
The average yield of declined at the short (-1bp), mid (-1bp), and long (-2bps) segments.
According to AIICO Capital Limited, the market was bearish, as yields rose in expectation of higher stop rates at the primary market auction.
“There was also buying momentum at the belly of the curve as traders said investors increased appetite on 169-day to maturity bills, causing its yield to drop by 1bp while demand for 330-day to maturity dragged yield lower by -2bps bills.”
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