Oversubscribed treasury bills show rising investors interest

The Central Bank of Nigeria (CBN) on Wednesday rolled over treasury bills maturities worth N220.52 billion at the primary market auction and the offers were oversubscribed, showing rising investors interest in government instruments.

This resulted in the decline of stop rates by 1.71, 2.53, and 2.52 basis points for 90-days, 182-days and 364-days tenors respectively.

The summary of the treasury bills auction on Wednesday show that N1.73 billion was offered for 90-day tenor at 0.29 percent stop rate, and was oversubscribed by N94.25 billion.

The CBN offered N1.26 billion for 182-day tenor at 1.8 percent stop rate. The bill, which matures on July 27, 2023 was oversubscribed by N89.61 billion.

For the 364-day instrument, a total of N217.53 billion was offered and allotted at 4.78 percent stop rate. The bill, which matures January 25, 2024 was oversubscribed by N860.35 billion.

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At the foreign exchange market, naira depreciated by 0.26 percent or (N2) against the dollar at the parallel market, popularly known as black market.

The dollar was quoted at N750 to close the trading on Wednesday, compared to N748 on the previous day. Traders attributed the naira weakness to increased demand for dollars.

At the Investors and Exporters (I&E) forex window, Naira appreciated by 0.06 percent as the dollar was quoted at N461.70 on Wednesday as against the last close of N462.00 on Tuesday, data from the FMDQ showed.

Most currency dealers who participated at the foreign exchange auction on Wednesday maintained bids between N440.00 (low) and N463.00 (high) per dollar.

The level of activities at the I&E window increased as the daily foreign exchange market turnover rose by 15.73 percent to $112.04 million on Tuesday from $96.81 million recorded on Friday last week.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.