CBN To Auction Treasury Bills Worth N93.13bn

the Central Bank of Nigeria is billed to auction N93.13bn worth of treasury bills in a Dutch auction at the end of the month.

The CBN said in its tender notice on Wednesday that the treasury bills spread across the 91-day, 182-day and 364-day tenors.

It said N28.02bn would be offered on the 91-day tenor while N10.62bn would be offered on the 182-day tenor.

It added that the 364-day tenor offered N93.92bn for subscription.

The notice read in part, “All money market dealers should submit bids through the CBN S4 web interface between 9.00 am and 11.00 am on Wednesday, October 30.

“Each bid must be in multiple of N1,000 and subject to a minimum of N50,001,000.

“Authorised money market dealers can submit multiple bids. A bid may be for authorised money market dealers own account, non-money market dealers or interested members of the public.”

The CBN said the result of the auction would be announced by 11.30 a.m. on Wednesday, October 30, 2019.

It stated that it reserved the right to reject any bid, adding that allotment letters would be issued for successful bids on Thursday, October 31, 2019 while payment for the successful bids would be made not later than 11.00am on Thursday, October 31, 2019.

According to the notice, the CBN reserves the right to vary the amount on offer in line with market realities prevailing as at the period of auction of the treasury bills.