CBN sells ₦120b in T-Bills

Nigeria sold 119.92 billion naira ($394.21 million) in short-dated treasury bills at an auction on Wednesday, with mixed yields, data from the central bank showed on Thursday.

The bank sold a total of 32.43 billion naira of the 3-month paper at 13.99 percent, broadly unchanged from 14 percent at the last auction on Nov. 2.

It sold 22.82 billion naira of 6-month debt at 17.40 percent, down from 17.50 percent at the previous auction, while a total of 64.67 billion naira of 1-year bills was sold at 18.70 percent, compared with 18.30 0 percent previously.

Total subscriptions rose to 158.07 billion naira compared with 122.96 billion naira at the last auction, the data showed.

Nigeria issues treasury bills to raise cash to fund the budget deficit, manage banking system liquidity and curb rising inflation.