CBN Allots OMO Bills Expiring in 8 Days to Investors
The Central Bank of Nigeria (CBN) allotted OMO bills with 8 days expiration to eligible investors who participated in the open market operation on Monday.
At the auction, the Apex Bank offered ₦600.00 billion worth of OMO bills across two maturities: the 8-Day and 99-day bills, the shortest tenors raised since the beginning of the year.
The offer size was split into N300 billion for OMO bills expiring on February 24, and another N300 billion was put on the table for investors seeking to invest in OMO bills that will expire in May.
Reflecting an elevated appetite for short-term investment securities, demand was robust at ₦2.04 trillion, largely tilted to the 99-day bill.
Investors staked ₦1.98 trillion in OMO bills that will expire on May 26. Overall, the CBN allotted ₦1.35 trillion across the two tenors.
Stop rates cleared at 22.39% for the 8-day bill, and 19.48% for the 99-day bill, investment banking firms said in a separate report. Â
Proceedings in the secondary market for OMO closed bullish as average yield declined by -5bps to close at 20.59%. The market expects N319.54 billion inflows from expired OMO bills this week. CBN Sells N1.3trn in OMO Bills to Mop Up Excess Liquidity
