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Massive response to CBN T-bills

24 April 2014, 11:40Okoro Chinedu

Lagos - Activity has peaked in the local money markets with the oversubscription of the Central Bank’s Treasury Bills.

Participants, mainly foreign, bid 22 times more than the amount the central bank aimed to raise, driving yields lower by more than 0.7 percent across all tenors.

“It appears as though foreigners have regained an appetite for naira-denominated assets following a heavily oversubscribed auction of selected T-bills,” said a Lagos-based market watcher.

Treasury Bills are said to be the most marketable money market security. Their popularity is mainly due to their simplicity. They mature after one year or less.

Prominent think-tank, Rand Merchant Bank (RMB), in its recent analysis of local markets on Thursday, attributed the activity on the local bourse to the dropping local currency volatility.

“We believe the resurgence in offshore demand is largely due to subsiding currency volatility and favourable real returns rather than Nigeria’s new found status as the largest economy on the continent,” RMB stated.

Nigeria has "rebased" its gross domestic product (GDP) data, which has pushed it above South Africa as the continent's biggest economy.

Nigerian gross domestic product now includes previously uncounted industries like telecoms, information technology, music, online sales, airlines, and film production.

GDP for 2013 totalled 509,9 billion, Nigerian statistics office said. That compares with South Africa's GDP of $370,3 billion at the end of 2013.

– CAJ News

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