Finance

CBN Raises N277.47bn from TBills Market in January 

3.2% growth projection not enough for Nigeria –CBN

Data collated has shown that the Central Bank of Nigeria (CBN) raised N277.47 billion through the treasury bills market in January 2023.

The apex bank carried out TBills auction twice worth N55.39billion in the first auction and N220.53billion in the second auction. 

The breakdown disclosed that the CBN at the first auction on January 11, 2023, offered TBills worth N56.93 billion – N1.55 billion for the 91-day, N1.49 billion of the 182-day, and N53.90 billion of the 364-day to investors. 

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Demand was higher, especially for the 364-day TBills, as the total subscription settled at N310.44 billion, followed by 182-day TBills witnessed N56.2 billion total subscription and 91-day TBills at N22.44 billion total subscription.  

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With an inflation rate of 21.7per cent year-on-year, investors focused on the 364-day tenor Treasury bill at a 7.3per cent yield during the first auction by the CBN.

Eventually, the CBN allotted exactly what was offered at respective stop rates of two per cent (previously 2.75per cent), 4.33per cent, previously 7.15per cent, and 7.30per cent which was previously 8.49per cent. 

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The first TBills auction was driven by higher demand for bills across the market, supported by the ample liquidity in the financial system. 

At January 25, 2023 TBills auction, the CBN offered instruments worth N220.53 billion – N1.74 billion of the 91-day, N1.26 billion of the 182-day, and N217.53 billion of the 364-day TBlls. 

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