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Overnight Falls to 11.96% as CBN Sells N54.03b Bills

By Dipo Olowookere

The treasury bills market was marginally bullish on Thursday as market liquidity was strengthened by Open Market Operations (OMO) maturity inflows of N200 billion.

It was observed that at the OMO auction by the Central Bank of Nigeria (CBN) today, investors showed huge for longer-dated tenor instruments, oversubscribing it by N63.06 billion.

At the close of business on Thursday, the apex bank, which offered to sell N70 billion worth of the 210-day bill, received a total subscription of N133.06 billion, but eventually selling N51.96 billion of the instrument at 17.75 percent.

However, the 91-day bill was undersubscribed by investors as the CBN could only sell N2.07 billion worth of the instrument at 15.95 percent after offering to sell N30 billion worth of the bill.

Meanwhile, the overnight rate dropped broadly today to 11.96 percent from 29.17 percent yesterday, while the Open Buy Back (OBB) rate fell to 11.83 percent today from 27.17 percent yesterday.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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