CBN sells N99 bn in Treasury Bills

Nigeria sold 99.12 billion naira ($312 million) in short-dated treasury bills at an auction on Wednesday, with mixed yields, data from the central bank showed on Thursday.

A total of 24.44 billion naira of the 3-month paper was sold at 14 percent, unchanged compared to the last auction on Oct. 19.

The bank sold 21.34 billion naira of 6-month debt at 17.50 percent, versus 17.09 percent at the previous auction. It also sold 54.35 billion naira of 1-year bills at 18.50 percent, compared with 18.30 percent previously.

Total subscriptions stood at 122.96 billion naira compared with 115.26 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.