The Central Bank of Nigeria (CBN) last week held a primary market auction as it offered 91-day, 182-day and 364-day instruments, which closed at marginal rates of 10.3 per cent, 12.6 per cent and 12.9 per cent respectively.
Oversubscription was recorded across all instruments on offer, which included:91-day (2 times bid-to-offer), 182-day (1.3 times bid-to-offer) and 364-day (2.3 times bid-to-offer), with a total amount of N95.7 billion successfully allotted in line with the offered amount.
According to a report by Afrinvest West Africa Limited, the CBN resumed its open market operation (OMO) auctions during the week, after holding no auction in the prior week.
The auction was held on the 4th of April for two instruments, 203-day and 304-day, which were auctioned at discount rates of 13 per cent and 13.04 per cent respectively.
The total amount allotted for the instruments were N24.6 billion (203-day) and N176.4 billion (304-day).
The…
