CBN Raises N8.99trn via T-Bills as 91-Day Rate Closes at 15%

The Central Bank of Nigeria (CBN) has successfully raised N8.99 trillion through Treasury bills, with a 91-day rate closing at 15%. The amount raised represents a decrease from the previous year, but investor appetite for naira assets remains strong as a hedge against inflation.

The CBN aims to meet government financing needs and provide a safe investment option. The interest rate at auctions has been reduced to attract more investors, with rates dropping from 18% in January to 15% in July.

This move is part of efforts to curb inflation and stabilize the foreign exchange rate. Analysts predict that yields on Treasury bills and bonds will decline towards the second half of the year, reflecting expectations of successful monetary policy reforms and economic recovery.