Nigeria sells 111 bln naira in T-bills

Nigeria sold 110.85 billion naira ($693.90 million)in short-dated treasury bills at an auction on Thursday, with yields falling sharply compared to the trend at the previous auction, the central bank said. The central bank sold 29.64 billion naira of 91-day treasury bills at 13.90 percent, down from a 15 percent marginal rate at the previous auction, and 40.68 billion naira in 182-day paper at 15.10 percent, against 16.20 percent last week. The regulator sold 40.53 billion naira in 364-day bills at 15.49 percent, compared with 16.34 percent last week. Nigeria retained its benchmark interest rate at 12 percent on Monday at its monetary policy committee meeting, surprising expectations. Sub-Saharan Africa’s second biggest economy issues treasury bills regularly as part of monetary control measures to help lenders manage their liquidity. Total subscription stood at 355.88 billion naira, compared to 241.42 billion naira at the previous auction.