The Central Bank of Nigeria (CBN) has completed the auction of Treasury Bills (T-Bills), offloading about N1.3 trillion.
The bills were offered across three different tenors at the auction which was held on Wednesday.
A Summary of Auction Result, shows that the highest interest, or stop rate, was recorded for the 364-day tenor at a striking 21.490 per cent, with a maturity date of March 6, 2025. It had an offer of over N312 billion, with subscriptions skyrocketing to nearly N1.54 trillion.
The CBN has successfully allotted the same amount as the initial offer, showing a robust appetite from investors, which has continued to soar in recent times.
In comparison, the shorter tenor T-Bills drew a more modest interest rate, with the 91-day bills closing at a stop rate of 17.240 per cent and the 182-day bills at 18.000 per cent.
The 91-day bills, maturing on June 6, 2024, saw an offer of N14.4 billion and received an oversubscribed interest of over N66 billion.
All the offered amount was allotted to bidders. Similarly, the 182-day bills had an offer of N10.5 billion and were subscribed to over N51 billion. The maturity date for these bills is set for September 5, 2024.
The range of bids for the different tenors varied, with the 91-day bills having a bid range of 15.9000 per cent – 22.0000 per cent, the 182-day bills slightly narrower at 14.0000 per cent – 22.0000 per cent and the 364-day bills having bids placed between 17.0000 per cent and 27.0000 per cent.
