CBN Sells N1.3trn OMO Bills, Offers 19.49% for 215-Day Tenor
The Central Bank of Nigeria (CBN) priced OMO bills with 215 days to maturity at the rate of 19.49%, barely 24 hours after the authority hiked the rate on one-year Treasury bills to 17.95%.
The Apex Bank floated an OMO bills auction offering N600.0 billion across Nigerian OMO bills with 180-day and 215-day maturities. The long-dated tenor courted investors’ attention amidst expectations of interest rate cut outlook.
MarketForces Africa reported that the Apex Bank had turned down about N1.3 trillion in aggregate subscription at earlier OMO auction – with zero allotment
The authority OMO bills auction was well received by market participants seeking investment options at an elevated rate.
Total subscriptions reached about N2.7 trillion at the end of the auction today, with the CBN allotting about N1.3 trillion across the two bills – 50% of the subscriptions received from investors at the open market operations.
Spot rate for OMO bill with 180 days maturity settled at 19.39%, according to the auction result, and 215 days paper was sold at the rate of 19.49%. $1.4m Payment: Court Strikes Out Liquidation Suit Against Dantata & Sawoe
