CBN Slices 364-Day T-Bills Rate as 91-Day, 182-Day Bills Remain Flat

Image

By Dipo Olowookere

The Central Bank of Nigeria (CBN) on Wednesday left the stop rates of the 91-day and 182-day treasury bills unchanged at the primary market but lowered that of the 364-day instrument.

Details of the exercise showed that T-bills worth N121.6 billion were taken to the market for sale to investors but traders showed a strong appetite for the long-term tenure as had been the case in the previous auctions.

Business Post reports that the value of subscriptions significantly increased as investors offered N493.1 billion to the central bank for the investment asset class, showing a subscription rate of 405.5 per cent.

However, it was observed that much of the bids were for the one-year maturity as it received N480.2 billion. This gave the CBN the opportunity to slice the stop rate by 0.25 per cent and it subsequently allotted N176.1 billion to traders at 7.25 per cent in contrast to the 7.50 per cent it was given at the previous primary market auction, which was just two weeks ago.

But the two other tenors recorded under subscription as investors offered N5.1 billion for the 91-day bill and N7.8 billion for the 182-day bill.

According to the results of the PMA, the apex bank allotted N4.2 billion worth of the three-month instrument to bidders at 2.50 per cent, the same rate of the previous exercise and sold N7.0 billion worth of the six-month instrument at 3.50 per cent, the same stop rate of the last exercise two weeks ago.

A keen look into the details showed that the range of the bid rates for the 364-day bill was between 7.00 per cent and 9.50 per cent as investors were expecting the CBN to raise the rate in line with the current economic realities in the country. However, the central bank was not swayed as it probably felt the hunger for the tenor offered a perfect avenue to cut the rate.

As for the 182-day bill, the range was from 3.45 per cent to 6.75 per cent, while the 91-day bill had from 2.45 per cent to 5.50 per cent

Share
Related Stories
Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
04-March-2024

NASD OTC Exchange Records First Weekly Decline in Week 9

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange, for the first time in the 2024 trading year, declined in Week 9 by 3.92 per cent, shrinking the value of investors’ portfolio by N27 billion, as the market capitalisation went down to N1,548 trillion from N1.611 trillion in Week 8. Equally, the NASD Unlisted Security Index (NSI) depreciated by 47.17 points to wrap the week at 1,141.61 points compared with the 1,188.78 points recorded in the previous week. In the week, there was a 65.1 per cent decrease in the total value of securities traded by investors to N620 million

Image
03-March-2024

Nigeria Pays N1trn Monthly Subsidy to Keep Petrol at N650/Litre

By Aduragbemi Omiyale Despite the federal government claiming it has stopped the payment of subsidies on premium motor spirit (PMS), well-known as petrol, more people are countering this. Recall that a few weeks ago, the International Monetary Fund (IMF) said the government had returned fuel subsidies through the backdoor and kept Nigerians in the dark about this. It then advised the government of President Bola Tinubu, which announced an end to it on May 29, 2023, to completely stop the payment as it was increasing his administration’s fiscal deficit. The global lender, in a report released last month, said the

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

More Stories
Image
29-November-2020

CBN Provides N25bn for Cassava Value Chain

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has disclosed that it will inject N25 billion in five states to boost the country’s cassava value chain this year. The move, according to the apex bank, is to curb $600 million spent on the importation of cassava derivatives into the country. This was disclosed by a cassava expert in CBN Development Finance Department, Mr Chinedu Zephaniah, on Saturday. He lamented that despite being the largest producer in the world, Nigeria was still importing cassava derivatives. He said to change the narrative, “the CBN has decided to invest yearly in the

Image
23-July-2021

A PIB-Centred Telephone Conversation with Comrade Joseph Evah

By Jerome-Mario Utomi To help douse the swift and conflicting reactions, utter confusion and frustration raging in the minds of the Niger Deltans and other stakeholders, occasioned by the inexplicable and unexpected provisions of the recently passed Petroleum Industry Bill (PIB), I sought a telephone conversation with Comrade Joseph Evah, Coordinator, Ijaw Monitoring Group. That was a few days ago. Essentially, on that day, at that time and in that place, I listened to him with rapt attention as his frankness made it very easy for me to be at ease in his presence. After ‘watching’ him use analysis and

Image
20-October-2016

Gala Mega Sausage Roll Hits Nigerian Market

By Modupe Gbadeyanka United Africa Company (UAC Foods), makers of the popular Gala sausage roll, has introduced a bigger package of the same product into the Nigerian market. At a press briefing held in Lagos recently, the company explained that it introduced the Gala mega sausage roll into the market in direct response to the yearnings of its consumers, who have asked for more. The Gala mega sausage roll is twice the size of the regular sausage roll and it sells for twice the price of the former. General Manager (Marketing) of UAC Foods, Mrs Joan Ihekwaba, while addressing newsmen

Image
31-October-2016

Bello Tasks Monarchs On Security Consciousness

By Ebitonye Akpodigha Niger State Governor, Mr Abubakar Sani Bello, has charged the traditional institution to remain vigilant for further maintenance of peace and to curtail any act capable of breaking law and order. He made the appeal while presenting staff of office to the 17th Emir of Borgu, Barrister Muhammed Sani Haliru Dantoro, Kitoro IV in New Bussa, Borgu Local Government Area of the state. The Governor stressed the need for cautioned and vigilance on the part of the royal fathers so as to help fish out questionable characters in the society. “I call on all traditional rulers to

Image
17-February-2017

US Makes Clarification on Visa Issuance on Ethiopia

By Dipo Olowookere Rumours that limitations have been placed on the issuance of visas in Ethiopia are false and we continue to process visa applications as usual, the United States Embassy has said. In a statement issued by the Embassy, it said applicants whose visa expired less than 12 months ago are still eligible to reapply through the interview waiver program, but stressed that they will be subject to the same rigorous security screening and may need to appear for an interview if requested by a consular officer. “All other applicants between the ages of 14 and 79, with the

Image
15-May-2017

FG Vows to Give Priority to Local PR Consultants

By Dipo Olowookere As a way of developing the capacity, skills and the expertise of indigenous public relations consultants in Nigeria, the Federal Government has promised to henceforth give them priority. Minister of Information and Culture, Mr Lai Mohammed, made this pledge last Friday when President of Public Relations Consultants Association of Nigeria (PR-CAN), Mr John Ehiguese, paid him a courtesy visit at his office in Abuja. Mr Mohammed noted that a policy would soon be adopted by the government to give the right of first refusal to indigenous consultants in its projects. According to him, even when a foreign

Image
30-January-2021

Obansanjo Stresses Need to Embrace Change

By Ahmed Rahma The need to embrace change has been emphasised by former President Olusegun Obasanjo at a virtual meeting held some days ago. Mr Obasanjo, who was a guest at the Africa and the Middle East National Presidents meeting, pointed out ways to foster positive changes in the world, stating that education and comprehending the environment were important. “When we talk about change, some change will be gradual; some will come like Tsunami or storm. Whether it is political, technology, social or other sort of changes, we must be very prepared for it. “You must prepare yourself educationally for

Image
13-February-2018

Reps, Stakeholders to Source $500m for Ajaokuta Steel

By Dipo Olowookere Speaker of the House of Representatives, Mr Yakubu Dogara, has expressed willingness of the green chamber to collaborate with stakeholders to raise the $500 million needed to finally revive the moribund Ajaokuta Steel Company in Kogi State. Mr Dogara made this known on Monday when he led members of the House Committee on Steel to the firm on an assessment tour. The Speaker lamented the present state of the steel company and promised to join forces with stakeholders in the industry to ensure the firm gets back on its feet. He said the Ajaokuta Steel Company has

Ad
Ad
Recent Stories
Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

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

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

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

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same

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

Salesforce Unveils Conversational AI Assistant Einstein Copilot

By Modupe Gbadeyanka A new customisable, conversational, and generative AI assistant for CRM, Einstein Copilot, has been launched by Salesforce. The system was unveiled at the Mobile World Congress in Barcelona, Spain, and it will use adequate company data to generate useful responses. The Einstein Copilot enables Salesforce customers to generate responses using their private and trusted data, while maintaining strict data governance and without requiring expensive AI model training. As a result, Einstein Copilot can answer questions, summarise content, create new content, interpret complex conversations, and dynamically automate tasks on behalf of a user, all from a single, consistent