Nigeria Treasury Bill instrument interest rate surge to 21.24% last week at the primary market auction.
The increase in the interest rate was to act ahead of inflation data this week and to boost investors’ interest in naira asset.
The Primary Market Auction (PMA) was conducted by the Debt Management Office (DMO) on behalf of the Central Bank of Nigeria.
DMO offered ₦166.11 billion for refinancing. It was broken down into ₦27.11 billion for the 91-day bills, ₦1.49 billion for the 182-day bills, and ₦137.50 billion for the 364-day Nigerian Treasury bills.
“DMO allotted bills worth N207.27 billion to investors, resulting in lost bids that later filtered into the secondary market. According to auction results, the authority allotted NGN28.47 billion for the 91-day bills to investors and market participants. Also, the DMO allotted NGN9.16 billion for the 182-day bills to authorised dealers and NGN169.64 billion for the 364-day papers.”
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