The Central Bank of Nigeria (CBN) will conduct a primary auction on Wednesday to roll over N89.5bn worth of Treasury bills maturing on Thursday, across the 91-day (N5bn), 182-day (N14bn) and 364-day (N70.5bn) tenors.
Concise News understands that the 91-day tenor had a last stop rate of 10.90 per cent and is touted to have a stop rate between 10.50 per cent and 10.99 per cent at the end of the week.
Also, the 182-day tenor, which had a last stop rate of 13.01 per cent, is expected to close at a rate of 12.95 per cent to 13.20 per cent.
Similarly, the 364-day tenor had a last stop rate of 14.37 per cent and an expected stop rate range of 13.50 per cent and 13.90 per cent.
This is as the bullish sentiment in the treasury bills secondary market was reversed last week (after two weeks) with the CBN increasing its frequency of liquidity controls via Open Market Operation auctions, although offering only short-tenor and mid-tenor bills.
Thus, the average yield across tenors advanced by 51 basis points week-on-week to 13.5 per cent from the 13 per cent recorded in the past week.