The Federal Government has raised N172.85 billion naira in Treasury bills with maturities of three months to one year at mixed returns with strong local investor demand for the note at Wednesday’s auction.
Statistics provided by Central Bank of Nigeria, (CBN) today showed that total bids for the debts stood at N283.58 billion compared with N63.55 billion naira at the previous auction on August 19, 2015, boosted by increased naira liquidity in the money market from budgetary allocations for the month of July. The bank sold N17.85 billion naira of the 3-month debt at 10 per cent, unchanged from the August 19 auction.
It auctioned N50 billion of six-month bills at 13.50 per cent, up from 13 per cent previously, while selling N105 billion of the 1-year debt at 14.69 per cent against 14.71 per cent at the August 5 auction when one year paper was last issued.
The CBN had in June said it planned to borrow about N872.96billion in new Treasury bills issues between June 18 and September 3. Available information on the plan provided by CBN indicated that government would auction N215.12billion worth of the three-month paper, N238.5billion in the six-month debt and N419.34billion worth in the one-year paper.