The Central Bank of Nigeria (CBN) recorded a total subscription of N533.93bn on the N150.6bn worth of treasury bills offered on Wednesday, as investors oversubscribed to the bills auctioned by the apex bank, despite a further crash in interest rates.
Interest rates crashed further from 7.7998 per cent, nine per cent and 10 per cent recorded on the 91-day, 182-day and 364-day tenors, respectively, at the last auction, to 6.4950 per cent, 7.23 per cent and 8.37 per cent.
On the 91-day tenor, a total of N24.37bn was offered while the CBN allocated N20.37bn.
Another N19.16bn was allotted out of the total N107.63bn subscriptions recorded on the 182-day tenor while the CBN allotted N111.07bn from the N319.42bn subscriptions received on the 364-day tenor.
Meanwhile, investors in the equities market recorded gains on Thursday as the market capitalisation of equities increased to N12.947tn from N12.930tn on Wednesday.
The benchmark index ended on the green note as the All Share Index inched higher by 13 basis points to 26,824.50bps, leading to a slight improvement in year-to-date loss at -14.7 per cent.
Activity level strengthened as both volume and value traded increased by 60 per cent and 15.9 per cent to settle at 303.822 million units and N1.720bn, respectively.
The most traded stocks by volume were Law Union and Rock Insurance Plc (151.7 million units), United Bank for Africa Plc (20.4 million units) and Access Bank (12.4 million units) while the most traded stocks by value were Nestlé Nigeria Plc (N326.3m), Dangote Cement Plc (N292.7m) and Zenith Bank Plc (N193.1m).