August 7, 2019 / 3:01 PM / 12 days ago

Nigeria central bank sells T.bills at lower yields as demand swells

LAGOS, Aug 7 (Reuters) - Nigeria central bank sold a total of 114.6 billion naira ($375 mln) worth of open-market bills at an auction on Wednesday, more than it offered to sell as investors submitted bids of nearly five times for the amount on offer, traders said.

The bank sold the one-year paper at 12%, down from 12.25% at the last auction in July. It offered to sell 70 billion naira of the one-year maturity, got subscription for 364.40 billion naira and sold 96.85 billion naira. ($1 = 305.90 naira) (Reporting by Chijioke Ohuocha)

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