Treasury bills: Apex bank sold N3.4tr in Q4 2017

Treasury bills: Apex bank sold N3.4tr in Q4 2017

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The Central Bank of Nigeria sold a total of N3.399 trillion worth of treasury bills through the Open Market Operations to investors in the fourth quarter of 2017.
The CBN in its Economic Report for fourth quarter 2017 explained that the amount of OMO bills sold to market players in the period under review was from the N4.997 trillion offered to investors and N3.533 trillion worth of subscriptions received during the period.
The CBN disclosed that the tenors-to-maturity of the instruments in the Q4 2017 ranged from 72 to 365-day period, adding that the bid rates ranged from 12.9000 to 17.9500 percent, while the stop rates ranged from 12.9 percent to 17.9 percent.
Furthermore, repayment of matured CBN bills was N3.042 trillion, translating to a net withdrawal of N357.52 billion, adding also that the government securities market, NTBs and long-term (FGN Bonds) debt instruments were issued at the primary market on behalf of the Debt Management Office.
NTBs of 91- 182- and 364-day tenors, amounting to N602.11 billion, N1.162 trillion and N602.11 billion were offered, subscribed to and allotted, respectively, in the fourth quarter of 2017.
Auctions were held as scheduled in October and November, while full refunds were made for investments due in December, as directed by the DMO.

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