Nigeria Raises 182-Day Treasury Bills Rate to 19.50%

Details of the exercise showed that the Central Bank of Nigeria (CBN), which sold the debt instrument through a primary market auction (PMA) for the Debt Management Office (DMO), jacked the rate for the three-month bill higher by 0.50 per cent and pushed the six-month paper higher by 1.00 per cent.

Business Post reports that the stop rate for the short-date instrument cleared yesterday at 18.50 per cent, the half-year note cleared at 19.50 per cent, and the one-year bill remained at 19.63 per cent.

The central bank was at the market with N50.00 billion worth of the 91-day treasury bills but received subscriptions valued at N114.30 billion, and allotted N111.81 billion.

It also auctioned N100.00 billion worth of the 182-day instrument during the session, but got bids valued at N107.09 billion and allotted N105.79 billion.

Like in the previous sessions, the 364-day bill was oversubscribed by investors, though the level was not like in the past. The apex bank offered to sell N650.00 billion worth of the paper to the market participants, but received offers valued at N905.56 billion and allotted N206.98 billion.

From the analysis, the CBN offered investors treasury bills worth N800 billion across the three maturities, but got bids valued at N1.127 trillion and allotted N424.58 billion.