N110.5billion WITHDRAWN FROM CIRCULATION BY THE CENTRAL BANK of NIGERIA

It was reported by the News Agency of Nigeria (NAN) that the CBN raked in N35.39 billion from the OMO and N75.11 billion on bills at the Primary Market Auction (PMA) respectively.The CBN, in its weekly report made available to NAN, said that investors needs were met as the apex bank sold to them what they wanted.
At the OMO segment, last week Tuesday and Wednesday, the CBN sold 30-day tenor bills worth N20 billion and 30-day tenor bills worth N6.21billion respectively.The following day, the apex bank sold 30-day tenor bill worth N5.67 billion and 7-day tenor worth N3.51 billion respectively. .
The report said that for all the four bills, bidders got all that they bidded for and that the bills would mature on Sept. 10, 11, 12 and 20, 2009 respectively.The bid rates and issue rates on the bills stood at 9.00 per cent respectively but it, however, made a deficit of N35.39 billion at the OMO segment At the PMA, long term bill continued to delight investors as all categories of bills on displayed were sold to the bidders.
At PMA window last Thursday, the CBN issued 91-day tenor bills, 182-day tenor bills and 364-day tenor bills and all were oversubscribed by investors, but the CBN only gave out N15.11 billion, N15billion and N30 billion respectively. According to the report, the range of bids and the issue rate on the 91-day tenor bills which would mature on Nov.12, 2009 were between 3.49and 4.70 per cent.
The 182-day tenor bill had it bid rate and issue rate hovered between 3.50 and 5.80 per cent with maturity date of Feb.11, 2009 which had a true yield of 5.54 per cent. The CBN made a repayment of N15 billion on the 182-day tenor bills, making its net withdrawal to remain at a balance of N15 billion.The 364-day tenor bills, which are to mature on Aug.12, 2009 had its bid rates between 4.99 and 7.45per cent. The report said that the issue rates hovered between 4.99 and 5.63 per cent while the true yield stood at 5.93 per cent