Nigeria’s recent one-year bill auction attracted significant investor interest, with subscriptions exceeding the offer by over two times, following the central bank’s decision to raise the interest rate to 19% on these short-term debts. This rate, a 12-year peak, surpassed the policy rate of 18.75%, aligning closely with the nearly three-decade-high inflation rate of 28.9%. The auction, which raised NGN 908.75 bln (USD 632 mln), indicates a strategic shift towards tighter monetary policy and an effort to stabilize the naira by attracting both local and foreign investments. Other short-term debt rates also saw dramatic increases, with three-month bills at 17.24% and six-month notes at 18%.