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HomeBusinessCBN sells N1.59 trn in Treasury Bills at 17% and 17.5% yield

CBN sells N1.59 trn in Treasury Bills at 17% and 17.5% yield

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The Central Bank of Nigeria (CBN) executed its planned primary market auction on February 21, successfully selling Nigerian Treasury bills (NT-Bills) valued at N1.59 trillion.

The auction comprised tenors of 91- days (N331.01 billion), 182- days (N66.25 billion), and 364- days (N1,192.09 billion).

The stop rates for the 91-day and 182-day tenors saw reductions, clearing at 17.00 percent (-24 bps) and 17.50 percent (-50 bps), respectively. However, the stop rate for the 364-day tenor remained steady at 19.00 percent.

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The auction drew substantial market interest, with a remarkable oversubscription rate of 743 percent.

Bid-to-cover ratios were notably high, standing at 30.77x (91-day), 9.67x (182-day), and 7.28x (364-day).

The robust demand signals investor confidence in NT-Bills and reflects the market’s eagerness to participate in government debt securities.”

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