Central Bank of Nigeria conducts September Treasury bill auction

The Central Bank of Nigeria (CBN) conducted its first Treasury bill auction for September, offering N750 billion in short-term investment instruments. The auction saw significant investor interest, with aggregate subscriptions reaching approximately N3.35 trillion across various tenors.

Results indicated a decline in interest rates for certain maturities. The 364-day bill, which saw N3.238 trillion in market bets, was allotted N762.17 billion at a spot rate of 16.84%, a decrease from the 17.15% rate recorded in the previous August auction. This represents the second consecutive price drop for one-year treasury bills.

For shorter tenors, the 91-day bill saw demand of N78.82 billion against an offer of N150 billion, with an allotment of N76.28 billion at a rate of 16.30%. The 182-day bill received N33.51 billion in subscriptions, resulting in an allotment of N27.27 billion at a rate of 16.50%.