The Central Bank of Nigeria said, on Thursday, it raised N97.8 billion ($491 million) in Treasury bills at an auction on Wednesday that fetched lower yields compared with the previous sale last week owing to strong appetite for the debt.
Investors – mostly domestic banks and pension funds – submitted bids totalling N297.06 billion, three-times more than the CBN had advertised but demanded yields ranging between 10 percent to 18 percent.
The bank said it sold N14.03 billion in 91-day notes at 10.69 percent, compared with 10.79 percent at the previous auction on March 18.
It auctioned 10.61 billion naira in 182-day bill at 14.5 percent, compared with 14.7 percent previously while it raised 73.16 billion naira in the 1-year note at 14.85 percent, down from 15.35 percent at the last auction.
