Nigeria’s central bank offered N700 billion in Treasury Bills during its second auction for August.
The offer covered three maturities — 91-day, 182-day, and 364-day instruments — with N500 billion allocated to the one-year bill. Authorised dealers submitted bids through the CBN’s platform between 8 a.m. and 11 a.m., with each bid required to be at least N50 million.
The auction came after an earlier N700 billion offer scheduled for August 6 was cancelled. The cancellation followed large liquidity mop-up operations by the central bank earlier in the month. When the auction finally held on August 12, it attracted strong demand, with total subscriptions reaching about N4.4 trillion.
Despite the high interest, the stop rate on the 364-day bill rose to 17.59 percent. The shorter tenors closed at 16.30 percent and 16.50 percent respectively. In the end, the central bank allotted over N1.45 trillion across the three instruments, more than double the initial offer.
