The Central Bank of Nigeria (CBN) would be rolling mover a total of N1.002 trillion worth of Treasury Bills that would be maturing between next week and November this year as it raised N322.6 billion from its auction yesterday.
This was indicated in the Nigerian Treasury Bills Issue Programme Fourth Quarter 2019 calendar released by the apex bank. According to the calendar, N90.624 billion is expected to mature and be raised from the 91-day bill at the seven auctions to be held between September 12 and November 28, 2019.
Likewise, N90.182 billion and N821.844 billion are expected to mature and be rolled over from the 182- and 364-day bills during the period. Meanwhile, the amount raised from yesterday’s auction is less than the N400 billion the apex bank had intended to mop from the system despite a total subscription of N451.33 billion.
Interests had been high in the longer tenured bill as the 364-day bill was oversubscribed. Subscription for the 364-day bill, maturing September 3, 2020, from which N250 billion had been expected, stood at N408.12 billion with total sale of N312.48 billion at a stop rate of 13.5 per cent.
The 84- and 189-day bills were under subscribed as N640 million and N480 million had been raised from the two bills, lower than N50 billion and N100 billion offered respectively. The 84-day bill had been sold at 11.59 per cent yield, while the 189 –day bill had been sold at 11.79 per cent.
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