The Central Bank of Nigeria, CBN, raised N284.26 billion from investors in its latest Nigerian Treasury Bills (NTBs).
The auction, which took place on Wednesday, attracted a total subscription amounting to N773.98 billion, far surpassing the total offer of N228.72 billion.
In the latest auction, there was an increase of 417.1 percent in the amount offered when compared to the N44.23 billion offered in the previous auction, which was held on June 13, 2024.
Also, total subscriptions recorded 89.8 percent increase from N407.76 billion, while total sales rose by 414.7 percent from N55.23 billion
The auction featured three tenors including 91-day, 182-day, and 364-day bills.
As an instrument to implement monetary policy, the Central Bank of Nigeria can control the money supply in the economy by issuing or redeeming Treasury Bills (T-Bills).
T-Bills instrument provides a means for the government to raise short-term funds to finance its operations, including bridging budget deficits.