The Central Bank bumped Treasury Bill rates up by 146 basis points after the latest auction pulled tight subscription numbers, and the one-year spot rate just punched past the 16.05 percent inflation mark by 145 basis points. The bank floated 700 billion naira worth of bills across three different maturities, but total demand only scraped 775 billion, even though disinflation is happening.
Investors basically dumped 90 percent of their cash into the 364-day bills while ignoring the shorter stuff. The 91-day offer pulled a pathetic 44.17 billion in bids against a 100 billion target, and the 182-day notes only grabbed 33.38 billion out of 150 billion available. The longest tenor got slammed with 697.29 billion in demand for 450 billion on offer, and the bank allotted 636.46 billion at 17.50 percent compared to 16.04 percent last time.
Investors basically dumped 90 percent of their cash into the 364-day bills while ignoring the shorter stuff. The 91-day offer pulled a pathetic 44.17 billion in bids against a 100 billion target, and the 182-day notes only grabbed 33.38 billion out of 150 billion available. The longest tenor got slammed with 697.29 billion in demand for 450 billion on offer, and the bank allotted 636.46 billion at 17.50 percent compared to 16.04 percent last time.
