CBN auctions N161.5trn worth of Treasury Bills

The Central Bank of Nigeria, CBN, commenced a Treasury Bills, T-Bills Primary Market Auction, PMA, on Wednesday.

This is according to CBN’s latest T-BIlls schedule.

At the PMA, existing T-Bills totalling N161.50 billion (N730 million, N920 million and N159.85 billion across the 91-day, 182-day, and 364-day instruments, respectively) will mature and be rolled over.

“In the upcoming auction, we anticipate rates to hover around current levels across all trio instruments. The lower offer amount may deter significant investor participation, which further supports our expectations.

“Nevertheless, it is essential to acknowledge the continued focus on liquidity management and the central bank’s commitment to ensuring that fixed income rates correspond with the prevailing yield environment. This concerted effort aims to sustain rates at attractive levels for investors,” said Meristem Wealth Management Limited ahead of the T-Bills auction.

DAILY POST recalls at the previous auction, the CBN offered a total of N337.89 billion across the trio instruments at the last PMA, 27.27 per cent higher than the N265.50 billion offered.

Treasury bills are marketable money market securities that raise money for the government and are also used as monetary policy tools by the CBN.