By Dipo Olowookere
The Central Bank of Nigeria (CBN) will today conduct the sale of fresh treasury bills to investors, Business Post reports.
During the exercise, the apex bank will be hoping to raise a total of N33.38 billion from market players expected to subscribe to the offering, which are maturing and to be reissued.
A breakdown of the proposed exercise showed that N3.38 billion worth of the 91-day bills would be offered to market participants.
Also, N10 billion worth of the 182-day bills and N20 billion worth of 364-day bills would be auction to investors via the primary market.
Analysts at Zedcrest Research have predicted that the stop rates are expected to clear between 10.50-11 percent, 10.90-11.20 percent and 11.50-12.00 percent for the 91-, 182- and 364-day bills respectively.
Business Post reports that results of the last exercise conducted on August 2, 2018 showed that investor confidence in the market remained strong.
However, since the last auction, bearish sentiment has dominated the fixed income environment as selling pressure prevailed on four out of five instruments.
Observers would be hopeful that the expected release of inflation figures for the month of July 2018 by the National Bureau of Statistics (NBS) today would have an impact on the market.
Adedapo Adesanya