Wednesday, May 31, 2023

CBN sells N173 billion treasury bills

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Jaafar Jaafar
Jaafar Jaafar
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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The Central Bank of Nigeria, CBN, has sold N172.85 billion ($550 million) at its first treasury bill sale of the year on Wednesday, with yields unchanged from the previous auction held on December 21, 2016.
The CBN sold N115.85 billion of one-year debt at a rate of 18.68 percent, the same as the previous auction, traders said.
They said the CBN also sold N35 billion of 91-day paper at 14 percent and N22 billion of six-month bills at 17.5 percent, unchanged from the previous auction.
Subscription at the auction came to N194.12 billion, well up from N42.68 billion at the previous auction.
CBN issues treasury bills regularly to help lenders manage their liquidity, curb rising inflation and provide the naira to help the government fund its budget.
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