The Debt Management Office (DMO) faced less investor enthusiasm at the April bond auction as the market remained cautious over a possible rate hike by the Central Bank of Nigeria (CBN).
Total bids were fewer than those of the previous month, with investors bidding a total of N495.95 billion on both five-year and nine-year bonds compared to N531 billion in March.
“The decline in demand might be a result of investors taking a wait-and-see approach to see if policy rates will adjust upwards as inflation printed upwards in March, which might
