The Central Bank of Nigeria, CBN, on Wednesday, February 1, raised the sum of N252.8 billion from the sale of treasury bills at the primary market.
The bills offered for sale recorded fair over-subscriptions as investors showed reasonable interest in the exercise.
Meanwhile, the stop rates slightly went down from the last exercise conducted about two weeks ago,Business Post reports.
The results showed that the central bank sold N6.01 billion worth of the 91-day bill at 12 percent, N69.57 billion worth of the 182-day instrument at 13.65 percent, and N177.22 billion worth of the 364-day bill at 13.70 percent.
Generally, the T-bills market on Wednesday traded bullish with heavy drops in yields observed on the short end of the curve maturities.
This was due to buoyant system liquidity and expectations of further inflows from the Open Market Operations (OMO).
Today, the market is expected to remain slightly bullish though with slight pullback expected on the short end in favour of OMO.
Meanwhile, the overnight rate slightly decline on Wednesday, while the open buy back (OBB) rate remained unchanged. The overnight rate dropped to 5.25 percent from 5.58 percent on Tuesday, the OBB rate closed at 4.83 percent.
