CBN Auctions N20b 191-Day Bills as Overnight Rate Falls to 28.67%

By Dipo Olowookere

On Tuesday, October 17, 2017, the Central Bank of Nigeria (CBN) auctioned N20 billion worth of 191-day bills.

This exercise was carried out today by the central bank through the open markets operations (OMO).

Business Post gathered that the sale of the N20 billion worth of 191-day OMO bills was at 17.82 percent stop rate.

Tomorrow, the central bank is expected to sell treasury bills worth N134 billion at the primary market.

A breakdown of the exercise revealed that the CBN will auction 91-day bills worth N32.40 billion, 182-day bills worth N35.00 billion and 364-day bills worth N66.39 billion.

Also, at the close of business on Tuesday, the Open-Buy-Back rate dropped to 26.67 percent from 74.17 percent.

In addition, the Overnight rate depreciated to 28.67 percent from 79.17 percent.