Nigeria raises N129.8bn in T-bills, yields drop

Nigeria has sold N129.83 billion in treasury bills with maturity ranging from three months to six months at lower yields, the central bank said. The central bank sold N39.05 billion of 91-day paper at a yield of 12.75 per cent, slightly lower than the 12.88 per cent it offered at the previous auction on Oct. 25. The bank sold 43 billion naira in 182-day paper at 13.03 percent, down from 13.25 percent previously, while a total of 47.78 billion naira worth was sold in the 364-day paper at 13.04 percent compared with the 13.27 percent at the last auction. Total subscriptions jumped to 302.35 billion naira, compared with 220.88 billion naira at the last auction, while demand for the 364-day paper was the heaviest, at 137.06 billion naira. Nigeria, Africa’s second biggest economy after South Africa, issues treasury bills regularly to reduce money supply, curb inflation and help lenders manage their liquidity.