The Central Bank of Nigeria has slashed the 364-day treasury rate at the primary market by 0.51%.
The decision was taken at the Primary Market Auction on Wednesday where the subscriptions were significantly higher as investors anticipated rates higher than in the preceding exercise.
The apex bank auctioned N139.1 billion worth of the one-year instrument but received N499.4 billion worth of bids and allotted N300.2 billion at 13.99 per cent, lower than the 14.50 per cent of the previous exercise.
However, the central bank did not touch the stop rates of the two other tenors at the market during the session.
The bank offered N21.2 billion worth of the 91-day bill for sale at the market, but traders staked N15.1 billion on the maturing, with the CBN allotting 4.5 billion at 6.50 per cent.
Also, the stop rate of the 182-day bill was left intact at 8.05 per cent yesterday after the CBN sold N5.5 billion to investors after receiving N6.4 billion worth of bids for the N32.8 billion it took to the market.
