At the financial market yesterday, dealers resorted to a 'wait and see' approach, following the Central Bank of Nigeria's (CBN) decision which targets easy money at the disposal of Nigerian banks.
Amid huge expectations that this decision would spike rates, BusinessDay checks at the money market showed that while there were only about10 basis points reduction across various tenors in the Nigerian Interbank Offer Rates (NIBOR), rate for 7 days money remained unchanged.
The wait and see game by financial market dealers was linked to their expectation of N170billion worth of short term assets which mature into the system today. Though at the Treasury Bills (T-Bills), there was significant sell-off; same as in the bond market –indicating sales pressure on fixed income
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