The Central Bank of Nigeria (CBN) secured N284.26 billion from eager investors during its latest Nigerian Treasury Bills (NTBs) auction held on Wednesday, June 26, 2024. According to results from the Debt Management Office (DMO), the auction drew substantial interest, with total subscriptions reaching N773.98 billion, significantly exceeding the initial offer of N228.72 billion.

Treasury Bills serve as a key tool for the CBN to manage monetary policy by controlling money supply, and they also provide the government with short-term funding to bridge budget deficits. The recent auction marks a notable increase of 417.1% in the amount offered compared to the N44.23 billion offered in the previous auction on June 13, 2024. Additionally, total subscriptions saw an 89.8% rise from N407.76 billion, while total sales surged by 414.7% from N55.23 billion.

The auction featured three tenors: 91-day, 182-day, and 364-day bills, all of which saw strong demand that surpassed the offer amounts, reflecting robust investor interest.

Auction Details:

- 91-day bills: Offered at N29.83 billion, received subscriptions worth N36.29 billion, and allotted N28.15 billion. Bid range: 15.98% to 24.00%, stop rate: 16.30%. Maturity: September 25, 2024.

- 182-day bills: Offered at N30.67 billion, received subscriptions worth N40.58 billion, and allotted N36.44 billion. Bid range: 17.00% to 21.00%, stop rate: 17.44%. Maturity: December 25, 2024.

- 364-day bills: Offered at N168.21 billion, received subscriptions worth N697.11 billion, and allotted N219.67 billion. Bid range: 16.00% to 25.00%, stop rate: 20.68%. Maturity: June 25, 2025.

The significant subscription rate and robust demand across all tenors underscore the continued appeal of Treasury Bills among yield-hungry investors in Nigeria.