Nigeria raises N204.9b in treasury bills at higher yields – Reuters

LAGOS, July 21 (Reuters) – Nigeria raised a total of 204.9 billion naira in treasury bills on Thursday with maturities ranging from three months to one year at higher yields, fixed income dealers said.

The central bank sold 36.7 billion naira of the 3-month treasury bills at 14.14 percent, compared with 9.98 percent at the July 8 auction, and 39.1 billion naira worth of the 6-month bill at 15.48 percent, against 12.24 percent previously.

The bank sold 129 billion naira worth of the one-year paper at 16.48 percent, up from 14.99 at the last auction.

The bank had wanted to raise 127.9 billion naira though demand stood at 392.38 billion naira. Bid rates were as low as 9.5 percent and as high as 21 percent.

Africa’s biggest economy issues treasury bills as part of its measures to finance the government budget deficit and also to help manage liquidity in the banking system. (Reporting by Chijioke Ohuocha; editing by Mark Heinrich)