Nigeria sold a total of 134.56 billion naira in treasury bills with maturities ranging from three months to one year at its bi-monthly auction, with yield performance mixed compared with the previous auction, the central bank said on Friday.
The bank said it sold 21.84 billion naira worth of 91-day paper at a return of 14.09 percent, slightly higher than the 14.05 percent at the previous auction.
It issued 52.73 billion naira worth in 182-day bills at 15.31 percent, the same return as at the previous auction. A total of 60 billion naira worth was issued in the 364-day bill at 15.6 percent rate.
The bank did not issue 1-year treasury bills at the last auction, but at an auction on june 7, the 364-day treasury bill was issued at a return of 15.69 percent.
Total subscriptions stood at 307.88 billion naira, while investors showed more interest in the one year paper, which attracted about 192.64 billion naira. The central bank stuck to its initial quantity offered.
Nigeria, Africa’s second biggest economy after South Africa, issues treasury bills regularly to reduce the money supply, curb inflation and help lenders manage their liquidity.
