The Central Bank of Nigeria (CBN) raised N284.26 billion from investors in its latest Nigerian Treasury Bills (NTBs) auction conducted on Wednesday, June 26, 2024.
The auction result as released by the Debt Management Office (DMO), shows that the auction attracted significant investor interest with the total subscription amounting to N773.98 billion, far surpassing the total offer of N228.72 billion.
There was an increase of 417.1 per cent in the amount offered in the latest auction, compared to the N44.23 billion offered in the previous auction held on June 13, 2024.
Also, total subscriptions recorded 89.8 per cent increase from N407.76 billion while total sales rose by 414.7 per cent from N55.23 billion.
The latest auction saw a significant subscription rate, surpassing the offer amount across all tenors, an indication of robust demand from investors.
Details of the auction show that it featured three tenors: 91-day, 182-day, and 364-day bills.
The 91-day tenor, maturing on September 25, 2024, had an offer of N29.83 billion but received subscriptions worth N36.29 billion, with an allotment of N28.15 billion. The range of bids for this tenor was between 15.98 per cent and 24.00 per cent, with a stop rate of 16.30 per cent.
The 182-day bills, maturing on December 25, 2024, saw an offer of N30.67 billion against subscriptions of N40.58 billion, and an allotment of N36.44 billion. The bid range was between 17.00 per cent and 21.00 per cent, with a stop rate of 17.44 per cent.
The 364-day bills, maturing on June 25, 2025, had the highest offer at N168.21 billion. It recorded an overwhelming subscription of N697.11 billion and an allotment of N219.67 billion. The bid range for this tenor was 16.00 per cent to 25.00 per cent, with a stop rate of 20.68 per cent.
