LAGOS Nov 22 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)