The Treasury Bills market in Nigeria closed last week bearish as average yield on benchmark bills rose 11bps W-o-W to settle at 18.2 percent.
According to Afrinvest Weekly Update, it was observed that during the week, the Central Bank of Nigeria (CBN) offered N133.3 billion in the T-bills auction held. Expectedly, investors favoured longer tenored bills with the 364-day instrument receiving the most subscription.
The apex bank allotted the exact offer/subscribed amount for the 91-day (N28.1 billion), while over allotting that of the 364-day tenor with N61.3 billion as against N50.0 billion on offer. However, the 182-day instrument was undersubscribed at N43.8 billion relative to N55.1 billion offered amount. The 91, 182 and 364-day papers were allotted at stop rates of 13.5 percent, 17.5 percent and 18.6 percent respectively.