Nigerian Treasury Bills (NTB) yield dropped to a 4.92% for 91 days according to data from FMDQOTC. 182 days NTB was 8.27% and 364 days 9.79%. This is by far the lowest we have seen this year as our analysts confirm for prior periods.
Analysts suggest the drop in yields is as a result of decrease in CRR announced by the CBN following the MPC meeting held in September. Supporters of the CBN policies will see this as a vindication of some of their actions following our exit from the JP Morgan Emerging market bond index. However, naysayers still believe a lot of the early gains may still evaporate as a lot of the macro-economic problems the country is facing still persist.
Note: The article was corrected as CRR was decreased not increased. The error is regretted