CBN Auctions N92.5b OMO Bills

By Modupe Gbadeyanka

On Friday, October 27, 2017, the Central Bank of Nigeria (CBN) auctioned a total of bills worth N92.496 billion at the open market operations (OMO).

A breakdown of the sale revealed that the central bank sold the 104-day bill for N105.95 million, while the 202-day bill at N92.390 billion.

While the 202-day bill was auctioned at 17.8 percent stop rate, the 104-day bill was sold for 16 percent stop rate.

Business Post reports that yesterday, at the same Open Market Operations (OMO), the apex bank sold bills worth N53.01 billion.

Details of the exercise showed that the central bank sold the 203-day bills at N52.6 billion at a stop rate of 17.8 percent, while the 91-day bills went for N395 million at a stop rate of 16 percent.

It was observed that the 91-day bills were undersubscribed as the CBN had wanted to raise at least N410 million from the bills, which mature on January 25, 2018.

However, the 203-day bills, which mature on May 17, 2018, were fully subscribed by investors at the auction exercise yesterday.