The Central Bank of Nigeria on Thursday said it sold N63.08bn in treasury bills and bonds as part of measures to control money supply and help lenders manage their liquidity.
According to the CBN, at the auction held on Wednesday, the apex bank sold N16.38bn in 364-day bonds; N16.73bn in the 182-day paper and N30bn in the 91-day bills.
It added that the 364-day bonds attracted a 9.28 marginal rate compared to 8.25 per cent recorded previously. The 182-day paper was issued at nine per cent against 7.79 per cent, while the rate for the 91-day bills was stable at 6.59 per cent.
Meanwhile, the apex bank said total subscription stood at N110.62bn.
The seven-day Nigerian Inter-bank Offered Rate, last week closed the week at 9.46 per cent, indicating a four basis point decrease from the previous week‘s figure of 9.50 per cent.
The 90-day NIBOR closed the week at 12.42 per cent, representing a 51 basis points decrease from 12.93 per cent recorded the previous week.
At the three-year FG Bonds auction, a total of N40bn was offered, N37.78bn was subscribed leading to a subscription level of 94.45 per cent.
Total allotment was N26.67bn, representing 70.59 per cent of the amount demanded.
At the seven-year FG Bonds auction, a total of N62.81bn was offered, N54.10bn was subscribed leading to a subscription level of 86.13 per cent.
Source:http://www.punchng.com/Articl.aspx?theartic=Art201010290595623
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