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MAN STABS FRIEND TO DEATH OVER GIRLFRIEND IN KWARA

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CBN Cuts T-bill Rate Amid N3.63tn Demand Investors are increasingly positioning for longer-term returns in Nigeria’s fixed-income market, with the latest treasury bills auction showing an overwhelming preference for the one-year government security. At the Central Bank of Nigeria’s (CBN) primary market auction on Wednesday, investors submitted N3.63tn for the 364-day T-bill, representing 95.9 per cent of the N3.79tn total bids received across the three maturities. The demand came despite the CBN lowering the stop rate on the one-year instrument by 44 basis points to 17.15 per cent, from 17.59 per cent at the previous auction. The auction results point to a significant shift in investor appetite towards longer-dated government securities, even as demand for shorter-tenor instruments remained subdued. The CBN had offered N700bn across the three maturities, comprising N100bn each for the 91-day and 182-day bills and N500bn for the 364-day bill. However, total subscriptions reached approximately N3.79tn, more than five times the amount offered. The 364-day instrument was the clear outlier at the auction, receiving bids equivalent to 7.26 times the amount offered. The CBN ultimately allotted N638.19bn, exceeding the N500bn offer by N138.19bn. Despite the additional allotment, only about 17.6 per cent of total bids submitted for the instrument were accepted. Investors quoted yields between 16.00 per cent and 19.05 per cent, but the CBN settled at 17.15 per cent, suggesting that the level of demand allowed the regulator to reject more expensive bids. The development is significant because the CBN achieved a lower borrowing rate even after receiving exceptionally strong demand for the security. The contrast was stark at the shorter end of the curve. The 91-day bill attracted N103.32bn in subscriptions against N100bn offered. The CBN allotted N89.10bn at an unchanged stop rate of 16.30 per cent. The 182-day bill performed even more weakly, attracting only N52.93bn against N100bn on offer. The CBN allotted N35.59bn, while the stop rate remained at 16.50 per cent. Secondary-market yields for the three instruments stood above their respective auction stop rates, at 17.45 per cent for the 91-day bill, 17.05 per cent for the 182-day bill and 17.24 per cent for the 364-day bill. According to a financial sector analyst, Jimbe Asalor, the concentration of bids in the one-year instrument suggests investors may be placing greater value on locking in relatively attractive yields over a longer period rather than repeatedly rolling over shorter-term securities. He noted that the latest auction also demonstrates “the CBN’s ability to borrow more cheaply when demand is concentrated around a particular maturity.” He added that by accepting N638.19bn on the 364-day bill at 17.15 per cent, the CBN borrowed above its initial offer while simultaneously cutting the rate by 44 basis points. “The nine-basis-point difference between the auction stop rate and the 17.24 per cent secondary-market yield also indicates that the one-year segment is now trading relatively close to market expectations.” A Lagos-based consultant economist, Chukwunonso Iheoma, said if the preference for longer-dated treasury bills persists, the development could provide further support for a gradual decline in government borrowing costs while strengthening expectations of eventual interest-rate cuts.

 

One Hammed Usman Tunde, has been reportedly stabbed to death by his close friend during a fight over a girlfriend in the Oja Gboro area of Ilorin, Kwara State.
The police authorities in Kwara were yet to issue an official statement on the incident but some eyewitnesses said the incident happened on Tuesday.
According to them Tunde and his friend, simply identified as Gafar, were seated near a sugarcane vendor discussing and suddenly went into an argument.
According to multiple eyewitnesses, what began as a minor argument over a lady reportedly turned violent after tempers flared and in the heat of the scuffles, Gafar allegedly pulled out a knife and stabbed Tunde in the chest before fleeing the scene.
Tunde was rushed to a nearby hospital but was later confirmed dead after being referred to the General Hospital in Ilorin.
Residents described the attack as shocking and senseless, calling on security agencies to arrest the fleeing suspect and ensure justice is served.
Family members of the deceased said he was peaceful and hardworking, expressing grief over his untimely death.

 

Ends

The newly confirmed Chairman of the Independent National Electoral Commission, Professor Joash Amupitan, arrived at the Presidential Villa, Abuja, for his formal swearing-in by President Bola Tinubu.
Amupitan, dressed in a white agbada and gold cap, arrived at the State House on Thursday morning and exchanged pleasantries with dignitaries and onlookers ahead of the ceremony.
His appointment makes him the sixth substantive head of the electoral body since its establishment.

 

The event, which will officially mark the beginning of his tenure as the nation’s chief electoral officer, is scheduled to be held at 1:00 p.m.
The law professor’s visit to the Villa comes a week after the Senate confirmed his appointment as INEC Chairman, following a rigorous screening on October 16.

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CBN Cuts T-bill Rate Amid N3.63tn Demand Investors are increasingly positioning for longer-term returns in Nigeria’s fixed-income market, with the latest treasury bills auction showing an overwhelming preference for the one-year government security. At the Central Bank of Nigeria’s (CBN) primary market auction on Wednesday, investors submitted N3.63tn for the 364-day T-bill, representing 95.9 per cent of the N3.79tn total bids received across the three maturities. The demand came despite the CBN lowering the stop rate on the one-year instrument by 44 basis points to 17.15 per cent, from 17.59 per cent at the previous auction. The auction results point to a significant shift in investor appetite towards longer-dated government securities, even as demand for shorter-tenor instruments remained subdued. The CBN had offered N700bn across the three maturities, comprising N100bn each for the 91-day and 182-day bills and N500bn for the 364-day bill. However, total subscriptions reached approximately N3.79tn, more than five times the amount offered. The 364-day instrument was the clear outlier at the auction, receiving bids equivalent to 7.26 times the amount offered. The CBN ultimately allotted N638.19bn, exceeding the N500bn offer by N138.19bn. Despite the additional allotment, only about 17.6 per cent of total bids submitted for the instrument were accepted. Investors quoted yields between 16.00 per cent and 19.05 per cent, but the CBN settled at 17.15 per cent, suggesting that the level of demand allowed the regulator to reject more expensive bids. The development is significant because the CBN achieved a lower borrowing rate even after receiving exceptionally strong demand for the security. The contrast was stark at the shorter end of the curve. The 91-day bill attracted N103.32bn in subscriptions against N100bn offered. The CBN allotted N89.10bn at an unchanged stop rate of 16.30 per cent. The 182-day bill performed even more weakly, attracting only N52.93bn against N100bn on offer. The CBN allotted N35.59bn, while the stop rate remained at 16.50 per cent. Secondary-market yields for the three instruments stood above their respective auction stop rates, at 17.45 per cent for the 91-day bill, 17.05 per cent for the 182-day bill and 17.24 per cent for the 364-day bill. According to a financial sector analyst, Jimbe Asalor, the concentration of bids in the one-year instrument suggests investors may be placing greater value on locking in relatively attractive yields over a longer period rather than repeatedly rolling over shorter-term securities. He noted that the latest auction also demonstrates “the CBN’s ability to borrow more cheaply when demand is concentrated around a particular maturity.” He added that by accepting N638.19bn on the 364-day bill at 17.15 per cent, the CBN borrowed above its initial offer while simultaneously cutting the rate by 44 basis points. “The nine-basis-point difference between the auction stop rate and the 17.24 per cent secondary-market yield also indicates that the one-year segment is now trading relatively close to market expectations.” A Lagos-based consultant economist, Chukwunonso Iheoma, said if the preference for longer-dated treasury bills persists, the development could provide further support for a gradual decline in government borrowing costs while strengthening expectations of eventual interest-rate cuts.

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