CBN’s Treasury Bills Auction Oversubscribed By N433.06bn

The Central Bank of Nigeria has recorded a N433.06bn (327 per cent) oversubscription in its Treasury Bills auction, which took place on Wednesday.

The CBN offered N132.56bn worth of treasury bills in a Dutch auction across the 91-day, 182-day and 364-day tenors.

A total of N28.02bn was offered on the 91-day tenor while N10.62bn was offered on the 182-day tenor.

The 364-day tenor offered N93.92bn for subscription.

The CBN had requested all money market dealers to submit bids through the CBN S4 web interface between 9.00 am and 11.00 am on Wednesday, October 30.

It stated that it reserved the right to reject any bid, adding that allotment letters and payment for successful bids were issued on Thursday.

The 91-day tenor was oversubscribed by 159 per cent as N72.44bn total subscription was received, while only N28.02bn was allotted.

On the 182-day tenor, an oversubscription of 367 per cent was recorded as only N10.62bn was allotted from a total subscription of N49.68bn.

Investors oversubscribed the 364-day tenor bills to the tune of 372 per cent while the CBN allotted only N93.92bn from the total subscription of N443.5bn received.