Nigeria Raises N98bn in Treasury Bills at Lower Yields

Nigeria raised N97.8 billion ($491 million) in Treasury bills at an auction on Wednesday that fetched lower yields compared with the previous sale last week owing to strong appetite for the debt, the central bank said on today.
Investors – mostly domestic banks and pension funds – submitted bids totalling N297.06 billion, three-times more than the central bank had advertised but demanded yields ranging between 10 percent to 18 percent.
The bank said it sold N14.03 billion in 91-day notes at 10.69 percent, compared with 10.79 percent at the previous auction on March 18.
It auctioned N10.61 billion in 182-day bill at 14.5 percent, compared with 14.7 percent previously while it raised N73.16 billion in the 1-year note at 14.85 percent, down from 15.35 percent at the last auction.
Source: Reuters

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