CBN Sells 203-Day Bills Worth N52.6b at 17.8% Stop Rate

By Modupe Gbadeyanka

At the Open Market Operations (OMO) auction on Thursday, October 26, 2017, the Central Bank of Nigeria (CBN) sold bills worth N53.01 billion.

Details of the exercise obtained by Business Post revealed 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.