Nigeria sells N81.5bn in short-dated Treasury bills

Nigeria sold N81.47 billion ($267.55 million) in short-dated treasury bills at an auction on Wednesday, with mixed yields, data from the central bank showed on Thursday.

The Central Bank of Nigeria (CBN) had proposed to sell N138.16 billion worth of the debt in its initial announcement. A total of N20.92 billion of the 3-month paper was sold at 14 per cent, against 13.90 percent at the previous auction on October 5, 2016.

According to Reuters’ report monitored by Business247 News Online, the apex bank sold N28.20 billion of 6-month debt at 17.09 percent, unchanged from the last auction. It also sold N32.35 billion of the 1-year bills at 18.30 percent compared with 18.25 percent previously.

Total subscriptions stood at 115.26 billion naira compared with 311.40 billion naira at the last auction.

Nigeria issues treasury bills to raise cash to fund the budget deficit, manage banking system liquidity and curb rising inflation.