Nigeria sells 120 bln naira in T-bills at lower yields

The result of the auction showed that the bank sold 32.43 billion naira worth of three-month paper at 5.34 percent compared with 5.82 percent at the Nov. 4 auction.

Treasury bills

Nigeria sold 119.92 billion naira ($600 million) in Treasury bills with maturities from three months to a year at an auction on Wednesday, with yields further slashed compared with returns at the previous auctions, the central bank said on Thursday.

It also sold 22.82 billion naira worth of six-month debt at 7.2 percent against 7.98 percent previously, and 64.67 billion naira of one-year paper sold at 8.5 percent, down from 9.48 percent, the auction results showed.

Total demand for the paper also dropped to 301.04 billion naira compared with 535.86 billion demanded by investors at the last auction.

Trader said the drop in yields was a reflection of trends in the secondary market, where yields have fallen to 1.94 percent, 6.16 percent and 6.93 percent for three-month, six-month and one-year debt each.

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