Is Nigerian Treasury Bills Rate Getting Unattractive? Yields Fell Flat After This Week’s 70 bln Naira Sale

Reuters reports Nigeria sold 70.56 billion naira ($434.78 million) at a sale of three-month and six-month treasury bills on Wednesday, with yields broadly unchanged from last month’s auction, the central bank said.

Subscription levels fell at the auction compared with last month’s sale, the central bank said on Thursday.

The bank sold 20.16 billion naira of three-month debt at 9.95 percent, the same yield fetched at the previous auction. It also sold 50.40 billion worth of six-month paper at 10.24 percent, marginally lower than the 10.25 percent the same tenor fetched last month.

Combined demand for both papers stood at 102.65 billion naira, compared with 115.76 billion for three-month and six-month debt offered at the last auction. ($1 = 162.29 naira)


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