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...For a better society... Monday, September 13 2004 Vol 17 No.30 News Editorial Opinion Labour Politics Sports Features Columnists Business Money/Market Energy Alaba Market Foreign News CBN withdraws N82.3bn from circulation KENNETH MADUEKE CENTRAL Bank of Nigeria (CBN) last week mopped up N82.3 billion through the sale of government-backed instrument, the Nigeria Treasury Bills (NTBs). According to the result of government securities trading released by the apex bank this amount withdrawn through the open market operation (OMO) and Primary Market Auction (PMA) segments of the market indicated N2.6 billion drop compared to the penultimate week’s figure. Details of the transactions showed that N22.3 billion worth of bills were sold under OMO as against N60.0 billion that exchanged hands under PMA. However, the apex bank offered 49-day instrument on Monday, and Tuesday while 42-tenored instruments were sold on Wednesday, Thursday and Friday under the daily OMO. Specifically, on Monday, the CBN met in full the whole N3.2 billion value of NTB which were subscribed for on the same range of bid rates and issue rate of 14.2500 per cent. But on Tuesday, only N1.5 billion bills were sold even as their range of bid rates and issue rate stood at the same 14.2490 per cent. For Monday and Tuesday, the true yield stood at 14.5275 per cent apiece. On Wednesday, N2.6 billion was sold, while Thursday and Friday, it was N10.2 billion and N4.7 billion respectively. Business Champion notes that on Wednesday, the range of bid rates and issue rates were the same 14.2500 per cent. But on Thursday, range of bid rates and issue rates hovered between 14.2490 to 14.2500 per cent as well as 14.2490 to 14.2500 apiece. However, on Friday, the range of bid rates as well as true yield stood at the same 14.2500 per cent while true yield was 14.4876 per cent. Under PMA where CBN sold 91-day securities worth N60.0 billion, over subscription of N6.2 billion was recorded. Business Champion notes that range of bid rates hovered between 13.5 per cent to 14.5 per cent just like the issue rates. However, total amount repaid was N57.5 billion while net sales was N2.4 billion even as the Minimum Rediscount Rate (MRR) remained at 15.0 per cent. � 2004 @ Champion Newspapers Limited (All Right Reserved). Powered By dnetsystems.net dnet�

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