13
Mar
Government raised a total of ¢70.95 billion in the money market auctions for 2022. This is out of total bids worth ¢72.83bn. However, the amount government expect to raise in 2023 may exceed that of 2022. This is because the treasury market is presently the only source of borrowing for government. Yields on the money market securities surged significantly in 2022 as investors priced the higher inflation into yields to improve real returns. Consequently, the yield on the benchmark 91-day increased from 12.51% (December 2021) to settle at 35.36% (December 2022). The yields have since retreated as the 91-day Treasury…