Nigeria sells 116 bln naira in T-bills, yields fall
LAGOS Nov 22 (Reuters) - Nigeria has sold 116.17 billion naira ($736.65 million) in treasury bills with maturity ranging from three months to one year at yields lower than at the previous auction, the central bank said on Thursday.
The bank sold 30.64 billion naira of 91-day paper at a yield of 12.40 percent, lower than the 12.75 percent it offered at the previous auction on Nov. 7.
A total of 31.24 billion naira in 182-day paper was sold at 12.45 percent, compared with 13.03 percent previously, while a total of 54.29 billion naira worth was sold in the 364-day bond at 12.5 percent, against 13.04 percent at the last auction.
Dealers said the central bank increased the amount on the 364-day paper to 54.29 billion from 40.53 billion naira initially offered due to increased demand from offshore investors and mandate holders.
Total subscriptions rose to 355.9 billion naira compared with 302.35 billion naira at the last auction, while demand for the 364-day bond was the heaviest, at 178.44 billion naira.
Nigeria had earlier sold 50 billion naira worth of 7-year and 10-year sovereign bonds maturing in 2019 and 2022 at an auction on Wednesday, with yields falling more than 100 basis points on both. [ID: nL5E8MM4CI]
Nigeria, Africa's second biggest economy after South Africa, issues treasury bills regularly to reduce money supply, curb inflation and help lenders manage their liquidity. ($1 = 157.70 naira) (Reporting by Oludare Mayowa; Editing by Tim Cocks)