In its efforts to address surplus liquidity in the banking sector the Central Bank of Nigeria CBN successfully generated a significant N77 trillion through Nigerian Treasury Bills NTBs and Open Market Operations OMO in the first quarter of 2024. This depicts a substantial 383 surge compared to the N159 billion acquired by the CBN in Q1 2023. A detailed analysis showed that in the first quarter of 2024 the Central Bank of Nigeria sold a total of N56 trillion worth of NTBs a significant increase from the N159 trillion sold in the first quarter of 2023 Additionally the total OMO sales in Q1 2024 amounted to N206 trillion compared to no OMO sales in Q1 2023. In Q1 2024 the total subscription of NTBs by foreign and local investors amounted to N211 trillion with N221 trillion being offered. The stop rates on NTB have seen a notable increase from the initial auction in January to the final auction in March 2024 Specifically the rates climbed from 244 to 1624 for a 91-day tenor bill from 422 to 17 for a 182-day tenor bill and from 83995 to 21124 for a 364-day tenor bill. In his remarks regarding the progress Mr David Adnori the Vice President of Highcap Securities Limited highlighted that NTBs are widely regarded as a highly secure investment option due to their government backing. As the rate on NTB increases it becomes more attractive to investors who are seeking a risk-free investment as they may choose to invest in Treasury Bills rather than other riskier investment options The CBN had lure investors with attractive interest rate otherwise most of these auctions will under subscribed The performance of the one-year bills showed that investors had confidence in the current government and the reforms it had embarked on. Firstly the investors are seeking higher rates for funding due to CBN signalling further tightening due to accelerating inflation and other factors Secondly interest seems skewed towards the longer end of the curve which is an indication of confidence in the government and its reforms Also the massive over subscription shows the significant system liquidity He said.