Nigeria treasury bill news

Here are some recent news and updates on Nigeria Treasury Bills (T-Bills):

Recent Auction Results:

• The Central Bank of Nigeria (CBN) auctioned N1.35 trillion worth of T-Bills on March 24, 2023, with a stop rate of 12.50% for the 364-day bill.
• The CBN auctioned N1.23 trillion worth of T-Bills on February 24, 2023, with a stop rate of 12.30% for the 364-day bill.
• The CBN auctioned N1.15 trillion worth of T-Bills on January 27, 2023, with a stop rate of 12.20% for the 364-day bill.

Market Trends:

• The yield on Nigeria's 364-day T-Bill has been trending upwards since the start of the year, driven by inflationary pressures and expectations of higher interest rates.
• The yield on the 91-day T-Bill has been relatively stable, ranging between 5.50% and 6.50% over the past few months.
• The yield on the 182-day T-Bill has been trending downwards, driven by a decline in inflation expectations and a decrease in the CBN's monetary policy rate.

Economic Impact:

• The CBN's T-Bill auctions have been a key tool for managing liquidity in the financial system and influencing interest rates.
• The T-Bills have also been used to mop up excess liquidity in the system, helping to keep inflation in check.
• The CBN's T-Bill auctions have also been a source of funding for the government, helping to finance its budget deficit.

Recent Developments:

• The CBN has introduced a new T-Bill auction system, which allows for more flexible and efficient auctions.
• The CBN has also increased the minimum subscription for T-Bills from N10 million to N50 million, to reduce the impact of small investors on the market.
• The CBN has also introduced a new T-Bill instrument, the 5-year T-Bill, to provide a longer-term investment option for investors.

Quotes from Market Participants:

• "The T-Bill market is still a key tool for the CBN to manage liquidity and influence interest rates. However, the market is becoming increasingly volatile, driven by global and domestic factors." - Analyst at a commercial bank.
• "The CBN's T-Bill auctions have been a key source of funding for the government, but the yields are becoming increasingly attractive, which could lead to a decrease in demand." - Economist at a research firm.
• "The introduction of the 5-year T-Bill is a positive development, as it provides a longer-term investment option for investors and helps to deepen the market." - Portfolio manager at an asset management firm.

I hope this information is helpful!