CBN Sells N844b Treasury Bills to Investors in Four Days

Image

By Modupe Gbadeyanka

Treasury bills worth N843.89 billion were sold to investors this week by the Central Bank of Nigeria (CBN), Business Post is reporting.

The short-term sovereign debt securities issued by the apex bank on behalf of the Federal Government of Nigeria were sold during week via the primary and secondary markets.

The market resumed on Tuesday after the two-day public holiday declared by government last Friday and this Monday to mark Easter.

On Wednesday, the central bank sold T-bills worth N95.20 billion at the primary market with the 91-day bill worth N9.52 billion sold at 11.75 percent, the 182 -day instrument worth N17.60 billion auctioned at 12.70 percent, and the 364-day bill worth N68.08 billion traded at 13.04 percent.

Also, treasury bills worth N748.69 billion were sold by the nation’s chief lender via Open Market Operations.

During the week, precisely on Thursday, T-bills worth N528.90 billion matured at the market.

According to analysts at Cowry Asset, NIBOR fell for all tenor buckets amid FAAC inflows worth N647 billion: NIBOR for overnight, 1 month, 3 months and 6 months tenor buckets fell w -o -w to 4.56 percent from 7.6 percent, 14.64 percent from 14.85 percent, 15.28 percent from 16.01 percent and 17.06 percent from 17.79 percent respectively.

Elsewhere, NITTY fell for most maturities tracked on renewed bullish activity: yields on the 3 months, 6 months and 12 months maturities fell to 13.61 percent from 14.43 percent, 14.31 percent from 14.97 percent and 14.90 percent from 15.01 percent respectively.

However, yield on the 1 month maturities rose to 14.09 percent from 13.40 percent.

Meanwhile, Standing Lending Facility (SLF) fell w-o-w by 18.38 percent to N233.58 billion while Standing Deposit Facility (SOF) increased w-o-w by 276.32 percent to N618.20 billion; indicative of excess financial system liquidity.

Share
Related Stories
Image
29-February-2024

Aradel Holdings, CSCS, FrieslandCampina Sink NASD Exchange by 0.79%

By Adedapo Adesanya Profit taking in the trio of Aradel Holdings Plc, Central Securities Clearing System (CSCS) Plc, and FrieslandCampina Wamco Nigeria Plc made the NASD Over-the-Counter (OTC) Securities Exchange close the midweek session further in the red territory on February 28 by 0.79 per cent. Aradel Holdings Plc lost N20.50 to close at N2,500.00 per share compared with the previous day’s N2,520.50 per share, CSCS Plc depreciated by N1.35 to end the day at N18.65 per unit versus the N20.00 per unit it was traded on Tuesday, and FrieslandCampina Wamco Plc declined by 63 Kobo to N70.25 per share

Image
01-March-2024

Business Confidence in Nigeria Falls in February Amid Rise in Input Costs

By Modupe Gbadeyanka Business conditions in Nigeria slowed to 51.0 in February 2024 from 54.5 in January 2024, as price pressures intensified in the private sector at an unprecedented pace in over a decade of data collection, the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has revealed. A statement from the lender disclosed that the improvement in business conditions was the weakest since the recovery in the private sector began last December. It stated that input costs surged higher in the period under consideration as a result of higher fuel prices and exchange rate weakness, which drove up material costs.

Image
29-February-2024

The Nigerian Government’s Crypto Crackdown and the Role of USDT

In the last couple of weeks, Nigeria has found itself at the centre of a currency crisis, with the value of the Naira drastically falling against the US Dollar. Amidst this economic turmoil, recall that at the beginning of the year, the value of the Naira to Dollar was between N900 and N1,100 to $1, however, the Naira now goes for N1,600 to $1. This issue has raised a lot of concerns for the Nigerian government. In a bid to safeguard the Naira and tidy up the multiple systems of various exchange rates, the government has restricted access to some

Image
29-February-2024

Nigeria Needs Policies that Prioritize Economic Recovery—Peter Obi

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has raised concerns over the recent decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate (MPR) to 22.5 per cent and the Cash Reserve Ratio (CRR) to 45 per cent. Mr Obi warned that this move is likely to worsen the ongoing economic challenges faced by many Nigerian households, and emphasized the need for policies that prioritize economic recovery. In a statement issued via X (formerly Twitter), the businessman and former

More Stories
Image
08-August-2023

FIFPro Steps into Super Falcons, NFF Allowances Dispute

By Adedapo Adesanya The professional football players union, FIFPro, has said it would assist Super Falcons of Nigeria in a disagreement with the Nigeria Football Federation (NFF) concerning bonus payments, camp allowances and expenses, some of which date back to 2021. This followed the exit of the Nigerian women’s football team from the ongoing FIFA Women’s World Cup on Monday after losing 4-2 on penalties to European champions, England. Prior to the tournament, the players threatened to boycott the games in Australia and New Zealand over unpaid arrears. The NFF made it clear it would not adhere to an agreement

Image
21-May-2020

Inflation in Nigeria Reaches 12.34% in April

By Modupe Gbadeyanka Inflation in Nigeria increased to 12.34 percent year-on-year in the month of April 2020, data from the National Bureau of Statistics (NBS) said on Thursday afternoon. The agency said the inflation figure recorded a marginal 0.08 percent increment when compared with the rate it was in March 2020, which was 12.26 percent. The rise was attributed to increase in food prices during month as well as the effect of the lockdown in the whole of April due to the coronavirus pandemic. According to the NBS, the composite food index last month rose by 15.03 percent from 14.98

Image
07-November-2020

Nigeria on Brink of Severe Food Insecurity—UN Report

By Adedapo Adesanya Nigeria is one of the countries on the brink of severe levels of food insecurity and could potentially fall into famine within three to six months as the coronavirus pandemic erodes people’s ability to access food, a new United Nations report warned on Friday. Nigeria, Africa’s most populous nation, alongside Burkina Faso, Yemen, and South are the countries mentioned in the Early Warning Analysis of Acute Food Insecurity Hotspots report conducted by the Food and Agriculture Organization (FAO) and the World Food Programme (WFP). It was found that millions of people who were already facing hunger are

Image
06-October-2023

Zest Assures e-Commerce Firms Better Payment Collection System

By Adedapo Adesanya Zest, the fintech subsidiary of Stanbic IBTC Holdings Plc, has unveiled its brand and key platforms, promising to deliver quality services to its clients, including e-commerce platforms. At the launching held on Thursday at the Eko Convention Centre in Lagos, and in Port Harcourt, Kano, and the Federal Capital Territory (FCT) simultaneously, the chief executive of Zest, Mr Stanley Jacob, said the key design principles of the brand bothered on the delivery of a multi-railed platform strategy that enables businesses to collect payments in any form that the customer wants to pay, human centered design, growth powered

Image
21-August-2023

Tinubu Sets Key Performance Indicators for New Ministers

By Adedapo Adesanya President Bola Tinubu has tasked the new 46 ministers to meet the expectations of Nigerians for renewed socio-economic development, noting that their swearing-in on Monday, August 21, 2023, means they are now in the same boat with him, and they would be judged by how they make the citizens happy. Speaking at their inauguration at the State House Banquet Hall in Abuja, President Tinubu stated that his administration came when the country needed renewal and reforms in all ramifications. “Nigerians expect you to hit the ground running just as we had promised them during our campaigns. With

Image
30-August-2018

Assault of Staff: GTBank Liberia Updates Public on Probe

By Dipo Olowookere As part of its commitments to corporate governance and transparency, the management of GTBank Liberia has released another statement on the assault of its staff by the Managing Director of GTBank Liberia, Mr Ayodeji David Bejide. According to the statement signed by GTBank Liberia’s Head of Legal/Company Secretary, the matter is being taken “very seriously.” In the statement also sent to all staff to update them on the progress of the investigation, the lender emphasised that it was treating the case “with every urgency.” GTBank Liberia said it would engage the victim of the assault as well

Image
05-January-2022

Experts Give Useful Stock Trading Tips at Stanbic IBTC Webinar

By Aduragbemi Omiyale Knowledge, they say, is power and with the changing world, it is very important to always update what someone knows so as to be well-informed, especially in the investment world. This was the main reason Stanbic IBTC Stockbrokers, a subsidiary of Stanbic IBTC Holdings Plc, recently hosted a virtual session to enlighten Nigerians on the potentials of investing in the stock market. The Stanbic IBTC webinar themed You Don’t Know About Stocks? Come On Now featured stockbroking experts like Afolabi Gbenro, Head, Sales Trading and Benjamin Jesumuyiwa, Head, Mandate and Settlements, both of Stanbic IBTC Stockbrokers with

Image
10-March-2017

Stock Market Extends Rally as Nestle Tops Gainers Again

By Modupe Gbadeyanka For the second straight day, Nestle led the advancers’ chart on the floor of the Nigerian Stock Exchange (NSE), improving by N9.44k to close at N734.99k per share on Friday. Yesterday, the share was the biggest gainer at the market, going up by N34.55k to close at N725.55k per share. Its performance today, with the 15 other stocks on the gainers’ chart, pushed the stock market further by 0.27 percent, leaving the market to close the week positive. At the wrap of trading activities on the NSE on Friday, the All-Share Index rose by 67.65 points to

Ad
Ad
Recent Stories
Image
01-March-2024

Nigeria Wants Share in $350bn Global Outsourcing Market

By Aduragbemi Omiyale The global outsourcing market is estimated to be worth about $350 billion and Nigeria is looking to take a slice of it to address the rising unemployment rate in the country. Before 2023, the National Bureau of Statistics (NBS) put the unemployment rate at about 33 per cent, but in its revised edition, the agency said the rate grew to 5.0 per cent in the third quarter of last year. The outsourcing market is becoming the new oil market and Nigeria, which prides itself as the largest economy in Africa because of its population size of over

Image
01-March-2024

Lokpobiri Charges New NCDMB Council on Growth of Nigeria’s Energy Sector

By Adedapo Adesanya  The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has charged the newly inaugurated fourth Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to continue advancing the country’s oil and gas industry. The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the energy sector. The fourth NCDMB Governing Council would be chaired by Mr Lokpobiri, while the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, would serve as the Secretary. Others are the

Image
01-March-2024

How to Protect Your Crypto From Scams, Hacks

In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.   Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.  1. Do not store your password and seed phrase on the Cloud   For many people, the best and most convenient way to access crypto is through

Image
01-March-2024

FX Crisis: Nigeria May Slam $10bn Fine on Binance

By Adedapo Adesanya The Nigerian government may be considering a $10 billion fine on Binance, a crypto exchange platform, amid a crackdown on crypto platforms in desperate moves to restore the nation’s battered foreign exchange (FX) market. This information was disclosed by Mr Bayo Onanuga, who is the Special Adviser on Information and Strategy to President Bola Tinubu, in an interview with the British Broadcasting Corporation (BBC) on Friday morning. According to the President’s aide, this was necessary as the Nigerian government believes Binance profited substantially from its “illegal transactions” in the country while the nation suffered huge losses. Mr

Image
01-March-2024

Business Confidence in Nigeria Falls in February Amid Rise in Input Costs

By Modupe Gbadeyanka Business conditions in Nigeria slowed to 51.0 in February 2024 from 54.5 in January 2024, as price pressures intensified in the private sector at an unprecedented pace in over a decade of data collection, the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has revealed. A statement from the lender disclosed that the improvement in business conditions was the weakest since the recovery in the private sector began last December. It stated that input costs surged higher in the period under consideration as a result of higher fuel prices and exchange rate weakness, which drove up material costs.

Image
01-March-2024

Harvard Business School Introduces Tony Elumelu Foundation Case Study

By Modupe Gbadeyanka A case study to spotlight the role of celebrated African businessman, Mr Tony Elumelu, in transforming the development agenda on the continent through his Tony Elumelu Foundation (TEF) has been introduced by the Harvard Business School. The case study, launched on Thursday, February 29, 2024, will critically look into how the former banker is catalysing entrepreneurship in Africa through his Africapitalism approach. At its unveiling before a class of graduate students at Harvard Business School, Mr Elumelu said, “TEF is creating economic hope and opportunity for African entrepreneurs. We know that entrepreneurship is the solution to youth

Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s

Image
01-March-2024

Naira Firms to N1,595/$1 at NAFEX, Weakens to N1,500/$1 at Black Market

By Adedapo Adesanya The Naira ended a tumultuous February as it recorded a price appreciation f 0.09 per cent or N14.40 against the US Dollar on Thursday, February 29, in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data obtained from the FMDQ Securities Exchange showed that the value of the local currency closed at N1,595.11/$1 during the session compared with the preceding day’s N1,609.51/$1. Also, the Nigerian currency improved its value against the Pound Sterling in the official market yesterday by N20.34 to close at N2,046.19/£1 compared with the preceding session’s N2,066.53/£1 and strengthened against the Euro by N16.5 to

Image
01-March-2024

Oil Down as US Inflation Signals Weak Crude Demand

By Adedapo Adesanya  Oil was down on Thursday as inflation data in the United States implied a softening of the world’s biggest economy that could weaken crude demand. Brent futures went down by 6 cents to $83.62 a barrel and the US West Texas Intermediate (WTI) futures depreciated by 28 cents to $78.26 a barrel. The US Federal Reserve’s preferred inflation gauge, the US Personal Consumption Expenditures (PCE) index, showed January inflation in line with economists’ expectations. The index rose 0.3 per cent last month, the Commerce Department’s Bureau of Economic Analysis said. Data for December was revised lower to

Image
01-March-2024

Local Stock Market Rebounds, Closes Last Day of February 0.68% Higher

By Dipo Olowookere The last trading session of February 2024 at the Nigerian Exchange (NGX) Limited ended on a positive note as it rebounded by 0.68 per cent after the interest rate hike scare. The growth posted on Thursday was triggered by bargain-hunting in financial stocks, especially those selling at cheaper prices after the sell-offs in the past few sessions. However, profit-taking persisted in the other sectors of the bourse, with the energy, and consumer goods indices closing lower by 0.33 per cent, and 0.18 per cent, respectively. Business Post reports that the banking space rose by 6.14 per cent,