The Central Bank of Nigeria (CBN) has revealed that more than 75 percent of bids received during the auctions of government securities held on March 1 and 6, 2024, came from foreign investors, indicating their growing interest in Nigeria’s financial instruments.
On March 1, 2024, the CBN conducted Open Market Operations (OMO) auctions, successfully selling N1.06 trillion in bills. Subsequently, on March 6, 2024, another round of Treasury Bills (T-Bills) auction was held, with approximately N1.32 trillion offloaded.
According to a recent statement from the apex bank, there is heightened investor interest in short-term sovereign debt, driven by increased foreign exchange inflows and adjustments to benchmark interest rates. Government securities issuances have been significantly oversubscribed, with foreign investors accounting for over 75 percent of bids received at the auctions.
These auctions not only demonstrate a strong appetite for Nigerian debt but also underscore the growing trust of foreign investors in the Nigerian economy.
