Lagos - The Central Bank of Nigeria (CBN) will sell treasury bills worth N310.94 million on Thursday, according to the Financial Market Dealers Association (FDMA) in Lagos.
The association said in its daily report on Wednesday, in Lagos, that the bills would be sold at the CBN’s Open Market Operation (OMO) and the Primary Market Auction (PMA).
The News Agency of Nigeria (NAN) reports bills at the auctions would include a 122-day, 119-day and 63-day bills at N77 billion, N104 billion and N25.10 billion respectively.
According to the report, the bills are expected to yield interests of 13.49 per cent, 13.40 per cent and 11.50 per cent respectively on maturity.
The report added that the 91, 182 and 365-day bills at the PMA auction would be sold for N30.16 billion, N73.49 billion and N80 billion respectively.
It said that the bills would yield interests worth 11.55 per cent, 13.34 per cent and 15.07 per cent on maturity.
Also, the Nigeria Interbank Rate Offer Rates (NIBOR) at different day rates increased in percentage against the previous day’s activities, the report said.
It said that the call rate at the interbank market gained 0.75 per cent standing at 14.54 per cent, compared to 13.79 per cent on Tuesday.
The report also said that the overnight placement remained unchanged at 3.59 per cent since April 8, while the secured Open Buy Back (OBB) stood at 14 per cent, a rise from the 13.45 per cent recorded on April 9.
It said the call money on Wednesday traded at 14.54 per cent, up from 13.79 per cent on Tuesday.
The Nigerian interbank lending rates remained stable on Wednesday closing at Tuesday’s average of 12.45 per cent.
NAN reports that the interbank rates reflected the short-term borrowing in the commercial system.