When An Auction Is Not An Auction

Demand must stay high but interest rates must not fall

Here’s a result of a recent primary auction for Open Market Operation bills conducted by Nigeria’s Central Bank. We’ve had a few things to say here about the OMO situation but this aspect is worth noting as well

The 364 day offering of N350bn received subscriptions of more than N1trn. On the face of it, this seems as if the 13 percent return on offer is …

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