CBN Crashes 182-Day, 364-Day Stops Rates at PMA

Image

By Dipo Olowookere

As predicted, stop rates of treasury bills at the primary market auction on Wednesday were lowered by the Central Bank of Nigeria (CBN).

During yesterday’s exercise, the apex bank rolled over a total of N88.9 billion in maturing treasury bills across three maturities.

Business Post reports that N10 billion worth of the 91-day bill, N20 billion worth of the 182-day bill and N58.86 billion worth of the 364-day bill were auctioned.

However, results of the subscriptions showed that investors staked N10.23 billion on the short tenor instrument, N64.18 billion on the medium tenor instrument and N315.77 billion on the long tenor instrument.

At the close of the exercise, the CBN allotted N10 billion to the 91-day bill, N20 billion on the 182-day bill and N58.86 billion on the 364-day bill.

For the stop rate, the 91-day instrument went up to 10.50 percent from 9.60 percent, the 182-day instrument went down to 11.70 percent from 11.89 percent, while the 364-day instrument crashed to 11.91 percent from 12.02 percent.

Meanwhile, rates in the money market depreciated further by 3.25 percent yesterday as a result of the relatively high system liquidity.

This left the average rate closing at 3.65 percent due to the 3.29 percent loss by the Open Buy Back (OBB) rate and the 3.21 percent decline by the Overnight (OVN) rate.

At the close of business, the OBB rate dropped to 3.29 percent from 6.57 percent, while the OVN rate fell to 4.00 percent from 7.21 percent.

In anticipation of another OMO auction by the central bank to manage excess system liquidity, rates are expected to move slightly higher on Thursday.

Share
Related Stories
Image
04-March-2024

AfDb Injects $134m Into Rice, Maize, Cassava, Soybean Production in Nigeria

By Adedapo Adesanya The African Development Bank (AfDB) is supporting Nigeria in the cultivation of rice, maize, cassava and soybean to boost food production with the provision of $134 million to achieve this. The president of the multilateral lender, Mr Akinwunmi Adesina, said on Saturday after visiting the Centre for Dryland Agriculture (CDA) at Bayero University, Kano, that the bank would support Nigeria to cultivate 300,000 hectares each of rice and maize, 150,000 hectares of cassava and 50,000 hectares of soybeans during the 2024 planting season. The CDA is a World Bank-supported centre established to serve as a regional training

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

More Stories
Image
02-December-2018

Index Sheds 2.54% in 5 Days as Diamond Bank Loses 31.58%

By Dipo Olowookere Last week on the floor of the Nigerian Stock Exchange (NSE), the All-Share Index and market capitalisation depreciated by 2.54 percent to close the week at 30,874.17 points and N11.271 trillion respectively. Similarly, all other indices finished lower with the exception of the NSE ASeM, NSE Insurance and NSE Consumer Goods indices that finished higher by 0.09 percent, 4.71 percent and 0.08 percent respectively. Also in the week, a total of 25 equities appreciated in price, lower than 30 in the previous week, while 41 equities depreciated in price, higher than 24 of the previous week, with

Image
10-January-2024

Lagos Empowers 11,885 Startups in Four Years

By Adedapo Adesanya The Lagos State Government says it has empowered over 11,885 startups in the last four years with attention to micro-enterprises in driving the economic development of the state. This was disclosed by the Deputy Governor of the state, Mr Obafemi Hamzat, at the Year 2024 Lagos State Micro-Enterprise Support Initiative (MESI) organised by the Lagos State Ministry of Women Affairs and Poverty Alleviation (WAPA). He said the empowerment programmes were initiated to reduce poverty, increase the wealth of the people of Lagos and cushion the effects of the hardship Nigerians were facing as a result of the

Image
30-October-2017

Chinese Shares Suffer Worst Single-day Loss as Investors Raise Fresh Liquidity Concerns

By Investors Hub Asian stocks turned in a mixed performance on Monday despite Wall Street shares closing at fresh record highs on Friday after the release of upbeat corporate earnings results as well as solid GDP data. Chinese shares suffered their worst single-day loss in 11 weeks as a sell-off in the bond markets continued and China’s securities regulator approved nine IPOs, raising fresh concerns about liquidity. The benchmark Shanghai Composite Index slid 26.22 points or 0.77 percent to 3,390.59. Hong Kong’s Hang Seng Index fell 102.66 points or 0.4 percent to 28,336.19 ahead of official factory and service sector

Image
03-January-2018

Lagos to Complete Pen Cinema Flyover November

By Modupe Gbadeyanka The construction of the Pen Cinema Flyover in Agege area of Lagos State is expected to be delivered in November 2017, the state Governor, Mr Akinwunmi Ambode has assured. Speaking during an inspection of the site yesterday, Mr Ambode explained that the 1.4km Flyover which will run from Agege down to the Abeokuta Expressway, will be a key intervention strategy by his administration to address the perennial traffic often associated with the area Accompanied by key members of his cabinet, the Governor said though the project might bring about some inconveniences, he assured them that the end

Image
30-March-2017

Heritage Bank Trains ex-BB Naija Stars, Entrepreneurs on SME

By Modupe Gbadeyanka Heritage Bank Limited, Nigeria’s Most Innovative Banking Service Provider, has enhanced capacity of Ex-Housemates of Big Brother Naija reality TV show and other emerging 21st century entrepreneurs at an SME enhancement capacity training programme. Speaking at the breakfast meeting in Lagos yesterday, Mr Ejikeme Obiano, Head, Solutions and Propositions of Heritage Bank said the bank was committed to creating, preserving and transferring wealth as a timeless wealth partner to its customers. He said the bank sees each customer as unique and therefore designs solutions that are tailored to address each customer’s needs. Mr Obiano also said the

Image
16-March-2018

African Steel Demand to Hit 3m Tonnes Per Year by 2050

By Modupe Gbadeyanka A new report that disclosed that African steel demand is expected to hit three million tonnes per year by 2050. In 2015, The Economist published a report titled ‘It’s a STEEL!’, where it analysed Chinese strategy of their over-production of steel. It was disclosed that there may be reason to be suspicious of Chinese steelmakers’ motives. To some, it looks as if China simply wants to export its domestic pollution abroad. Officials are desperately trying to close dirty domestic steel plants. Persuading China’s Iron and Steel Association to do their business in Africa neatly blends environmental concerns

Image
24-March-2021

Stock Market Loses N9bn as Investors Resume Profit-Taking

By Dipo Olowookere The total value of stocks listed on the exchange in Nigeria depreciated by N9 billion on Tuesday after the market reversed the gains recorded on Monday to close 0.05 per cent lower. This made the market capitalisation of the Nigerian Stock Exchange (NSE) close at N20.251 trillion in contrast to N20.260 trillion it finished at the preceding session. The renewed profit-taking, especially in the banking sector, was the major reason for the depression suffered by the equity market yesterday. As a result, the All-Share Index (ASI) decreased by 17.90 points to settle at 38,704.97 points compared with

Image
03-February-2018

FGN Eurobonds Prices Crash on Sell Pressure

By Cowry Asset In the just concluded week, FGN bond prices traded at the over-the-counter (OTC) segment appreciated for most of the maturities tracked amid bargain hunting activity. The 10-year 16.39 percent FGN JAN 2022 debt, the 7-year 16.00 percent FGN JUN 2019 debt and the 5-year, 14.50 percent FGN JUL 2021 debt appreciated in value by N0.01, N0.02 and N0.17 respectively; their corresponding yields fell to 13.09 percent (from 13.10 percent), 13.83 percent (from 13.87 percent) and 13.32 percent (from 13.39 percent). However, the 20-year, 10 percent FGN JULY 2030 debt depreciated in value by N0.10; its corresponding yield

Ad
Ad
Recent Stories
Image
05-March-2024

Ghana’s Central Bank Suspends FX Trading Licence of First Bank

By Aduragbemi Omiyale The foreign exchange (FX) trading licence of FBN Bank Ghana Limited, a subsidiary of FBN Holdings Plc, the parent company of First Bank of Nigeria Limited, has been suspended by the Bank of Ghana. A statement issued on Monday by Ghana’s central bank disclosed that its action was because of the bank’s fraudulent documentation in its forex operations. The country’s banking sector regulator also suspended the FX trading licence of GTBank Ghana Limited, a subsidiary of Nigeria’s GTCO Plc, the parent company of GTBank Limited for the same offence. The notice from the central bank disclosed that

Image
05-March-2024

Binance Exits Nigeria, to Convert Naira Balances to UDST

By Adedapo Adesanya Binance will discontinue all services for Nigeria’s fiat currency, the Naira, following the ongoing regulatory onslaught on the firm by the Nigerian authorities. The crypto exchange will automatically convert Naira balances to US Dollar Tether (USDT) from March 8 but will cease support for deposits after today. Withdrawals will become unsupported after March 8 by 12 noon Nigerian time, a statement sighted by Business Post confirmed. The conversion rate for automatic conversions will be pegged at N1,515.13 to 1 USDT, according to an announcement from the website. Other features, including Binance Convert, Binance P2P, the exchange’s Auto

Image
05-March-2024

Petrol, Electricity Subsidies Will Gulp 3% of Nigeria’s GDP—IMF

By Adedapo Adesanya The International Monetary Fund (IMF) has warned the Nigerian government the payment of subsidies on petrol and electricity could take up to 3 per cent of the country’s gross domestic product (GDP) in 2024. The IMF stated this in a statement released on Monday on the completion of its 2024 Article IV Mission to Nigeria. The lender said that the recent improvements in revenue collection and oil production are encouraging, as “low revenue mobilization constrains the government’s ability to respond to shocks and to promote long-term development.” But it emphasised that, “The capping of fuel pump prices

Image
05-March-2024

Deel Buys 100% Stake in African HR Solution Company PaySpace

By Adedapo Adesanya Global human resources company, Deel, has announced the acquisition of African-based payroll and HR solution company, PaySpace, for an undisclosed amount, in one of its largest acquisitions to date. By acquiring PaySpace, Deel will become the first global payroll and Employer of Record (EOR) with its full-stack payroll engine localized in 50 countries and integrated into its offering. PaySpace’s proprietary technology is a cloud-native framework built as a single engine. Its platform allows for easy configuration to add additional countries through localization. These localization projects normally take years to complete, but with PaySpace’s innovative technology, it can

Image
05-March-2024

Emotions Pour as Dignitaries Eulogise Late Herbert Wigwe

By Adedapo Adesanya  It was an emotional rollercoaster at the tribute event held on Monday night to celebrate the late group chief executive of Access Holdings Plc, Mr Herbert Wigwe. Dignitaries from government, corporate organisations, and royalty paid tribute to the late titan who died alongside his wife, son, and a former group chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbajo, on February 9 in the United States. The event which was monitored by Business Post was divided into six segments – Young Hebert, the banker, the entrepreneur, the CEO, the builder and the ambassador. These personalities

Image
05-March-2024

Nigeria’s Economic Outlook is Challenging—IMF Declares

By Aduragbemi Omiyale The International Monetary Fund (IMF) has alerted that tough times await Nigerians, though it retained its gross domestic product (GDP) growth forecast for 2024 at 3.2 per cent. In a statement on the conclusion of the IMF Staff 2024 Article IV Mission to Nigeria, the global lender said the administration of President Bola Tinubu “inherited a difficult economic situation marked by low growth, low revenue collection, accelerating inflation, and external imbalances built up over years.” However, it praised the government’s approval of an effective and well-targeted social protection system, including the release of grains, seeds, and fertilizers,

Image
05-March-2024

Banks Involved in 70% of Economic Crimes in Nigeria—EFCC

By Aduragbemi Omiyale Nearly 70 per cent of financial crimes in Nigeria have the involvement of banks, the Economic and Financial Crimes Commission (EFCC) has claimed. “Broadly speaking, banking fraud in Nigeria is both inside and outside related. “The inside related fraud comprises outright selling of customers’ deposits, authorising loan facilities, forgery and several other kinds of unhealthy and criminal practices,” the chairman of EFCC, Mr Ola Olukoyede, said while speaking at the Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria held in Abuja. The EFCC boss, represented by the agency’s Director

Image
05-March-2024

Nigerian Air Force Airstrikes Hit Two Illegal Refineries in Rivers

By Adedapo Adesanya The Nigerian Air Force component of Operation Delta Safe, through airstrikes destroyed two illegal oil refining sites in Krakama and Temakiri, Degema Local Government Area of Rivers State, in continuation of efforts to stamp out the activities of crude oil thieves and oil pipeline vandals in the country. This was disclosed by the Director of Public Relations and Information, Nigerian Air Force, Mr Edward Gabkwet, an Air Vice Marshal, saying the illegal oil refining sites were observed actively operating with Cotonou boats sighted nearby with the probable intent to illegally siphon crude oil from the sites. Mr

Image
05-March-2024

NGX Remains Catalyst for Economic Growth—Chiemeka

By Aduragbemi Omiyale The acting chief executive of the Nigerian Exchange (NGX) Limited, Mr Jude Chiemeka, has described the bourse as a catalyst for economic growth and development. He said this at the listing of 7.5 billion ordinary shares of Transcorp Power Plc at N240 per unit at the exchange on Monday. The energy firm raised the market capitalisation of the trading platform by N1.8 trillion yesterday. According to him, the inclusion of Transcorp Power into the NGX, the first listing of the year, underscored the pivotal role the bourse plays in shaping Nigeria’s economic landscape. He added that NGX

Image
05-March-2024

Dangote Renames Lagos Refinery Road After Herbert Wigwe

By Modupe Gbadeyanka The road to the Dangote Refinery in the Lekki area of Lagos State has been renamed after the late group chief executive of Access Holdings Plc, Mr Herbert Wigwe. This development was announced on Monday night by the owner of the oil facility, Mr Aliko Dangote, during the Celebrating Herbert Wigwe’s Professional Legacy, who said this gesture was to immortalise his friend. The Nigerian billionaire businessman and the richest black man on earth, in an emotional tribute to the late banker, who died in a helicopter crash in the United States on February 9, 2024, along with