Nigeria Raises ₦155b in Bill Sale at Lower Yields

Nigeria sold 155 billion naira ($779 million) in Treasury bills with maturities from three months to one year at an auction on Wednesday, at lower yields than at previous auctions, the central bank said on Friday.

Reuters reports that the result of the auction showed that the bank sold 60 billion naira worth of three-month paper at 4 percent, down from 5.61 percent at a sale on Dec. 2.

It also sold 25 billion naira worth of six-month debt at 6.17 percent against 7 percent previously, and 70 billion naira of one-year paper sold at 7.45 percent compared with 8 percent.

Total demand for the paper rose to 554.55 billion naira compared with 407.53 billion naira demanded by investors at the last auction.