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Interest rate on T-bills heads for single digit, as investors seek higher returns 

Titobioluwa Okunade by Titobioluwa Okunade
November 14, 2019
in Business News, Markets, Securities
diaspora remittances, Total credit to the economy rose to N19.54trillion – CBN Governor, CRR debits, P-AADS, #EndSARS: CBN says funds in frozen accounts may be linked to terrorist activities, Covid-19: Court closures impacted revenue generation for courts - Emefiele, P&ID dispute: UK Court orders $200 million guarantee to FG, Leaked letter by Poultry Farmers Association triggered CBN emergency approval to import maize, nImplications of CBN's latest devaluation and FX unification, current account deficit, IMF, COVID-19, CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty, MPC Member, BVN, Fitch, Foreign excchange (Forex), Overnight rates crash after CBN’s N1.4 trillion deduction, Nigeria’s foreign reserves hit $36.57 billion; Emefiele keeps his word on defending the naira, CBN to support maize farmers, projects 12.5 million metric tons in 18 months, BREAKING: CBN Upscales Greenwich Trust Limited, grants it's operational license for merchant banking, AGSMEIS: CBN expand beneficiaries to 14,638., CBN expands access to mortgage financing

CBN Governor, Godwin Emefiele

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The Treasury Bills Auction of the Central Bank of Nigeria (CBN) held on Wednesday was fully subscribed even though the interest rate on the treasury bills is reducing.

The Central Bank offered 91-day tenor had a total subscription of N58.43 billion while N57.85 billion and N439.7 billion were recorded as total subscription on the 182-day and 364-day tenors.

The following are reportedly the successful bid range rates:

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  • 91-day tenor was between 7% and 10.5%;
  • 182-day tenor was between 8% and 13%; and
  • 364-day tenor was between 9% to 13.32%.

However, the success rate for the 91-day tenor dropped from its previous 9.49% to 7.79%; that of the 182-day tenor dropped from 10.45% to 9% while the 364-day tenor dropped from 11.5% to 10%.

Meanwhile, analysts according to Punch were reportedly not surprised by the downward trend of the interest rates, stating that the continuous drop in T-bills rates would force investors to find other high yielding alternatives. Also, they expressed that capital flight might intensify as the quest to preserve the value of the naira would mount pressure on naira to chase after the dollar.

“The crash of interest rates of treasury bills, investors’ search for alternative investments would intensify. The money market returns would also reflect the current rates in the medium term and new inflows and matured investments will be invested at current rates in the money market fund, which will drag the performance of the fund,” Managing Director, Afrinvest Securities Limited, Mr Ayodeji Ebo.

[READ MORE: Update: CBN to bar individuals, start-ups from trading treasury bills]

“The downward direction of the FGN T-biils stop rates was not unexpected, though the level of capital flight is not much at the moment, I see investors holding their maturing bills in euro currencies such as dollar outside the banking system. However, no monetary policy directive lasts forever. This policy regime will soon pass away,” Financial and Risk Management Consultant, Mr Dayo Akinola.


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Tags: Central Bank of NigeriaOn the MoneyTreasury BillsTreasury Bills Auction
Titobioluwa Okunade

Titobioluwa Okunade

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Comments 1

  1. Anodebenze says:
    November 15, 2019 at 4:15 pm

    next month is the end of 2019,so much upheveal in 2019,why now and wait for next year and how the current budget affects the economy.i think the cbn did this treasury bill for some purposes.now I get confused now ? to be or not to be ?previously the cbn barrs Banks from biding for treasury bill now ,nairametric did said the cbn barrs individual from bidding in treasury bill,which okechukwu commented,now which way ?.I think all these news came from Mr Trump’s twitter

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