Nigeria’s one-year treasury bill (T-bill) has been oversubscribed by 300 per cent at the Primary Market Auction by the Central Bank of Nigeria (CBN).
The aim of the auction was to roll over maturing Nigerian Treasury Bills worth N1 trillion and covered maturities across three different tenors: 91-day with N200 billion on offer, 182-day with another N200 billion and 364-day had the highest treasure bill on offer at N600 billion.
At the end of the auction held on Wednesday, results showed that investors offered N1.87 trillion for the N600 billion on offer, out of which N908.75 billion was allotted with stop rates of 19 per cent.
It further showed that investors bid between 13 per cent and 29.9 per cent as interest rates.
At the end of the auction, the 91-day bill received N39.90 billion offers all of which were sold, while the 182-day bill got N76.83 billion subscriptions out of which N51.35 billion was allotted.
