There are expectations that system liquidity will be lifted by the impact of Treasury Bills maturities worth N80.7bn expected on February 1.
Consequently, “we expect the CBN to hold an OMO auction in line with the trend, to keep system liquidity in check,” one dealer disclosed.
Meanwhile, it was a bad day for treasury bills investors in Nigeria on Wednesday as the Central Bank of Nigeria (CBN) slashed the stop rates of the debt instruments, making them go home a bit disappointed.
Unlike the preceding exercise, the apex bank cut the rates across the three maturities it offered for sale through the primary market auction (PMA).
The Central Bank capitalised on the significant interest shown by investors in the asset class to reduce the stop rates.
T-bills valued at N129.9 billion were brought to the market on that day in 91-day, 182-day and 364-day tenors, but bids worth N475.7 billion were received from investors, indicating a subscription level of 366.2 per cent.
A breakdown showed that the CBN, which conducted the sales for the Debt Management Office (DMO) on behalf of the Federal Government of Nigeria, auctioned N2.7 billion of the three-month bill, N3.5 billion of the six-month bill and N123.1 billion of the 12-month bill.
Details of the subscriptions showed that investors staked N12.7 billion on the short-term instrument, N14.0 billion on the mid-term instrument and N449.0 billion on the long-term instrument.
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