Nigeria raises N111bn in low yield sales

Nigeria has raised N110.99 billion ($558 million) from the sale of Treasury bills, the Central Bank of Nigeria (CBN) said on Friday, May 22, 2015.

Investors submitted a total of N243.39 billion in bids at the auction held on Wednesday, compared with 329.97 billion bids at the previous auction, Reuters reports.

The yield on the 3-month bill fell to 9.95 percent from 10.09 percent at the previous auction, the central bank said, adding that it sold 32.43 billion naira of the 3-month paper.

The bank sold a total of 22.82 billion naira of the six month paper at 12.75 percent against 12.89 percent yield at the last auction. It also sold 55.68 billion worth of the one-year paper at 13 percent, compared with 13.39 percent last month.