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Nigeria raises 129.8 bln naira in T-bills, yields drop
November 8, 2012 / 1:02 PM / 5 years ago

Nigeria raises 129.8 bln naira in T-bills, yields drop

LAGOS, Nov 8 (Reuters) - Nigeria has sold 129.83 billion naira ($825.37 million) in treasury bills with maturity ranging from three months to six months at lower yields, the central bank said on Thursday.

The central bank sold 39.05 billion naira of 91-day paper at a yield of 12.75 percent, slightly lower than the 12.88 percent 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. ($1 = 157.30 naira) (Reporting by Oludare Mayowa; Editing by Joe Brock)

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