According to reports that the Central Bank of Nigeria (CBN) yesterday, sold a record N1.32 trillion Treasury Bills (T-Bills), with the yield on the 364-day T-Bill rising to 21.49 percent as the apex bank mopped liquidity as well as attempts to lure foreign portfolio inflows. The auction attracted massive interest from investors, with the CBN setting stop rates as high as 21.49 percent. The auction was broken down into three categories based on tenors: 91-day, 181-day, and 364-day T-Bills auctions. The 364-day bills recorded the highest rate at 21.49 percent on a N312.92 billion amount offered by CBN. Investors subscriptions stood at N1.54 trillion and CBN eventually sold N1.29 trillion for the 364-day T-bills auction.
The auction results revealed that the range of bids for the 364-day stood at 17.0000-27.0000 percent, as subscription levels for the 364-day T-Bills were robust, reflecting heightened investor appetite amidst the current economic landscape. For the 182-day auction, the CBN offered N10.55 billion to investors and recorded N51.51 billion, but finally allotted N10.55 billion. Finally, the apex bank offered N14.42 billion in 91-day T-Bills, with a stop rate of 17.24 percent, and received a subscription and total sales of N66.63 billion. It allocated N14.42 billion, the amount it offered to the investing public. Bids ranged for the 91-day and 182-day T-Bills at 15.9000-22.0000 percent and 14.0000-22.0000 percent, respectively.
