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Investors Expect CBN to Offer Higher Rates at Today’s PMA



By Dipo Olowookere

The Central Bank of Nigeria (CBN) will offer for sale fresh treasury bills to investors via primary market auction on Wednesday, November 14, 2018 (today).

Business Post reports that T-bills worth N128.24 billion will mature today, with an equal amount issued by the apex bank in 91-day, 182-day and 364-day instruments.

A breakdown of the planned exercise showed that N3.38 billion worth of the 91-day paper, N16.92 billion worth of the 182-day note and N107.94 billion worth of the 364-day instrument would be sold by the central bank.

At the last exercise conducted on October 31, 2018, the 91-day bill cleared at 10.98 percent, the 182-day bill cleared at 13.49 percent, while the 364-day bill cleared at 14.40 percent.

However, as a result of the continued pressure on yields from the frequent OMO auctions by the central bank, the stop rates of today’s exercise are anticipated to slightly rise.

According to a report released last week by FSDH Research, Also in the report, the rates during November’s PMA would likely increase to 11.30 percent for the 91-day note, 13.66 percent for the 182-day paper and 15.93 percent for the 364-day instrument.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via

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