Nigeria, March 27 -- Stop rates on 182-day and 364-day bills decreased marginally at its March 25 auction; the 91-day rate stayed constant. The decision came as investors far outpaced the N2.7 trillion amount offered in the one-year instrument.



Demand was strongly skewed toward longer tenors, with the 364-day invoice drawing the majority of subscriptions, while shorter-dated instruments received little attention. Analysts note that this shows investors are increasingly willing to lock in greater profits over a longer time.



The News Chronicle gathered that excess liquidity in the financial system, believed at over N8 trillion, is driving the great desire for government bonds, hence providing governments more freedom to control bor...