CBN Sells ₦81.5b in Short-dated Treasury Bills

Nigeria sold 81.47 billion naira ($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 had proposed to sell 138.16 billion naira worth of the debt in its initial announcement.

A total of 20.92 billion naira of the 3-month paper was sold at 14 percent, against 13.90 percent at the previous auction on Oct. 5.

The bank sold 28.20 billion naira of 6-month debt at 17.09 percent, unchanged from the last auction. It also sold 32.35 billion naira 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.