CBN Hikes Interest Rate on Nigerian Treasury Bills to 17.95%
The Central Bank of Nigeria (CBN) has increased its spot rate on Nigerian Treasury bills with 364 days maturity again, details from its ad hoc primary market auction on Wednesday revealed.
The authority floated N700 billion worth of local treasury bills across standard tenors with the usual subscription pattern. Total subscription came at N1.69 trillion, significantly above the previous week’s subscriptions.
With expectations of rate repricing, the authority offered to sell 91 days treasury bills worth N100 billion to investors at the main auction on Wednesday.
Total subscription for the short-term bills came at N106.07 billion, a little higher than the offer size. The CBN allotted N103.36 billion to investors at the rate of 15.30%, the same as the previous auction.
At the belly of the curve, the authority floated N150 billion worth of treasury papers, but the line was not well received, with total subscription falling short at N23.60 billion.
The Apex Bank maintained a 15.50% spot rate with total allotment settling at N13.64 billion. One-year Nigerian Treasury bills remain attractive to market participants.
Investors staked N1.599 trillion against the N450 billion offer size. The CBN allotted N671.20 billion out of the excess subscription level and increased the spot rate to 17.95% from 17.50%, not minding disinflation. #CBN Hikes Interest Rate on Nigerian Treasury Bills to 17.95%
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