Nigeria sells 117 bln naira Treasury bills, yields broadly flat – Reuters

LAGOS Dec 1 (Reuters) – Nigeria sold 117.16 billion naira ($372.46 million) in short-dated treasury bills at an auction on Wednesday, with yields broadly unchanged from rates at the previous auction, data from the central bank showed on Thursday.

Africa’s top economy sold 26.14 billion naira worth of the 3-month paper at 13.99 percent, the same rate fetched by similar tenor paper at the last auction on Nov. 16.

A total of 11 billion naira of 6-month debt was sold at 17.49 percent, slightly higher than 17.40 percent at the previous auction, while a total of 80.02 billion naira of 1-year bills was sold at 18.69 percent, compared with 18.70 percent previously.

Total subscriptions stood at 156.56 billion naira against 158.07 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. ($1 = 314.56 naira) (Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha)