The Central Bank of Nigeria, CBN, auctioned treasury bills worth N190.8 billion via the primary market on Wednesday, May 2.
Treasury bills are short-term debt instruments issued by the Federal Government through the Central Bank of Nigeria, CBN, to provide short term funding for the government. They are sold at a discount and redeemed at par.
The 91-day bill worth N6.1 billion was offered to investors at the market, while N6.7 billion worth of the 182-day instrument was expected be sold to traders.
In addition, the central bank planned to sell N178 billion worth of the 364-day bill to market players at the exercise on Wednesday.
However, the rates were expected to slump on Wednesday as in the previous exercise.