Investors placed N8.62tn worth of bids for the Central Bank of Nigeria’s Open Market Operations securities in two days, as yields on the short-term instruments climbed as high as 19.90 per cent.
The strong demand enabled the CBN to raise N4.72tn through four OMO auctions conducted on 26 and 27 August, exceeding its combined advertised offer of N2tn.
The auctions covered maturities ranging from 96 to 152 days and show continued investor appetite for high-yielding naira assets amid substantial liquidity in the financial system.
The 132-day OMO attracted the largest volume of subscriptions, with investors bidding N3.48tn for N500bn offered by the apex bank.
The CBN subsequently allotted N2.18tn at a stop rate of 19.65 per cent.
