CBN hikes yields on treasury bills, allots ₦1.1trn

The Central Bank of Nigeria (CBN) has increased spot rates on Treasury bills at its midweek primary market auction conducted by the Debt Management Office (DMO).

The auction recorded significant investor interest, receiving about ₦1.6 trillion in aggregate subscriptions across three offered tenors: ₦100 billion in 91-day bills, ₦100 billion in 182-day bills, and ₦500 billion in 364-day bills.

Final allocations totaled ₦1.1 trillion across the three tenors. Stop rates on the 91-day and 364-day bills rose by 2 basis points and 36 basis points to 16.30% and 17.70%, respectively, while the 182-day bill rate remained unchanged at 16.50%.

Following the auction, mild buying activity along the mid- to long-end of the yield curve in the secondary market pushed average Treasury bill yields down by 4 basis points to close at 18.50%.