During the month of January, T-bills were oversubscribed, with the overall subscription rate coming in at 120.1%, an increase from the 61.5% recorded in December 2021, partly attributable to the ample liquidity in the money market partly attributable to government payments which offset tax remittances, with the average interbank rate declining to 4.5%, from the 5.1% recorded in December 2021. Overall subscription rates for the 182-day and 364-day papers increased to 94.3% and 160.2%, from 50.2% and 56.4%, respectively, recorded in December 2021.