T-Bills Market Trades Flat as CBN Raises N130.4b from OMO Auction

Image

By Modupe Gbadeyanka

Treasury bills worth N130.4 billion were sold on Thursday by the Central Bank of Nigeria (CBN) via the Open Market Operations (OMO).

As a result, the central bank mopped up inflows of N133bn from maturing OMO bills.

This was as the treasury bills market traded on a relatively flat note today.

Business Post reports that traders continued to play on the short end of the curve, while they reinvested most of their OMO maturity inflows at the OMO auction by the CBN.

At the close of business on Thursday, the apex bank sold the 91-day bills worth N8.06 billion at 16 percent, while it sold the 210-day bills for N122.32 billion at 17.8 percent.

The treasury bills market is expected to be marginally bearish tomorrow as banks to create liquidity for their retail SMIS provisioning.

Meanwhile, the overnight rate fell at the end of business today, closing at 6.67 percent from 11.33 percent yesterday.

Also, the Open Buy Back (OBB) rate declined on Thursday to 6.17 percent from 10.17 percent on Wednesday.

Share
Related Stories
Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

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,

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

More Stories
Image
15-March-2019

Chevron Nigeria, Dangote Sign Gas Supply Deal

By Modupe Gbadeyanka Chevron Nigeria Limited (CNL) has signed a deal to supply natural gas to the fertiliser plant of Dangote Fertilizer Limited. The factory is expected to begin operations soon and as part of efforts to enable smooth services, the management of Dangote Fertilizer Limited entered into a long-term supply agreement with Chevron Nigeria Limited (CNL). The factory will produce 3.0 million metric tonnes per annum (mmtpa) of Urea and consists of twin train, with each single train having a capacity of 1.5 million tonnes per annum of Urea and Ammonia, which makes each of them the largest train

Image
19-December-2019

KPMG Survey Ranks Ecobank High in Banking Customer Experience

A recent survey conducted by a leading audit company, KPMG Nigeria, has ranked Ecobank Nigeria among the top five banks with good customer experience in the Small and Medium Enterprises (SME) segment of the economy. The 2019 Nigeria banking industry customer experience survey report measured the performance of lenders in the country in terms of their relationship with their account holders and other users of financial services. From the results, despite lower levels of overall satisfaction for SMEs, Fidelity Bank and Ecobank made the greatest improvements with both banks moving up more than four places into the top five banks.

Image
02-August-2017

Is Equity Market Rally Sustainable?

By FSDH Research The performance of the Nigerian equity market as measured by The Nigerian Stock Exchange All Share Index (NSE ASI) has been impressive since the beginning of the year 2017. As at the close of trading on July 27, 2017, the NSE ASI had appreciated by 38.59 percent Year-to-Date (YTD). A review of the performance of 15 major equity market indices in other countries shows that the NSE ASI recorded the best performance of 37 percent as at July 26, 2017, closely followed by GSE All Share Index (Ghana) at 34 percent. The International Monetary Fund (IMF) in

Image
04-March-2021

Kenya’s Peter Mathuki Appointed as Head of EAC Secretariat

By Kester Kenn Klomegah Kenya’s Peter Mutuku Mathuki has been appointed to head the East African Community (EAC), the regional bloc that brings East African countries under one umbrella. Mr Mathuki replaces Burundi’s Liberat Mfumukeko, whose five-year term ended in early 2021. The post is usually rotational for five years. As Secretary-General of the regional bloc, his key tasks include regional development, increasing inter-regional trade and to address investment possibilities for both potential internal and external investors. According to his profile, Mr Mathuki has worked as Executive Director at the East African Business Council and consequently emerged as the top

Image
07-April-2017

Obaseki Flags-off Agric Devt Scheme in Edo

By Dipo Olowookere On Friday, April 07, 2017, Governor Godwin Obaseki flagged off the Accelerated Agricultural Development Programme (AADP) in Sobe, Owan West Local Government Area of Edo State. The scheme is part of efforts by the Mr Obaseki administration to boost economy of the state through agriculture. At the ceremony today, the Governor reiterated his commitment to drive the economy of Edo State through agriculture and provide more jobs for the youth. About 1000 hectares of land was set aside in Sobe for the pilot scheme and the government would train interested people in the provision of agricultural services

Image
26-January-2024

Nigerian Stocks Slow Down Growth Pace Amid Profit-Taking in Lafarge, Others

By Dipo Olowookere The Nigerian Exchange (NGX) Limited appreciated by 0.57 per cent on Thursday amid pockets of profit-taking in the industrial goods sector. The selling pressure on Lafarge Africa, BUA Cement and Dangote Cement slowed down the pace of growth of the bourse yesterday. Business Post reports that the industrial goods space lost 0.11 per cent at the close of transactions, while other key sectors of the market finished higher. The energy counter improved by 4.91 per cent, the insurance sector appreciated by 1.95 per cent, the banking index grew by 1.39 per cent, and the consumer goods sector

Image
25-September-2018

Untapped Potential of Oil Palm

By FBNQuest Research The narrative on agriculture is gradually changing, and the sector has the potential to become the economy’s new backbone. Over the past four years, agriculture has posted uninterrupted quarterly growth, with crop production emerging as the leading contributor to the sector. Oil palm, a cash crop, falls within this segment. Last week, we visited an oil palm plantation in Benin spanning 33,000 hectares, with an estimated 160 palm trees per hectare. The derivatives from this cash crop are numerous; they include cooking oil, cosmetic products, personal hygiene products and industrial products (such as lubricants and paint) as

Ad
Ad
Recent Stories
Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

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
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods