CBN Absorbs ₦3.46 Trillion via Auctions Amid Strong Demand
The Central Bank of Nigeria (CBN) absorbed ₦3.46 trillion from the financial system through Open Market Operations (OMO) and Treasury bills auctions on November 3 and 4. The auctions attracted subscriptions of ₦5.57 trillion against offers of ₦2.3 trillion, indicating demand more than double the advertised amount.
The CBN allotted ₦2.95 trillion through OMO bills and ₦509.41 billion through Treasury bills. OMO transactions accounted for about 85 percent of the total allotment.
At the November 3 OMO auction, the CBN offered ₦1.5 trillion and received subscriptions of ₦3.52 trillion, with demand concentrated in the 133-day instrument. The November 4 Treasury bills auction saw subscriptions of ₦2.045 trillion against an offer of ₦800 billion, with only ₦509.41 billion allotted.
The 364-day instrument attracted the most demand, while the CBN maintained Treasury bills stop rates at previous levels despite increased subscriptions. Average yields in the secondary market rose by 43 basis points to 17.70 percent.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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