CBN Governor
CBN Governor

Nigeria plans to raise 129.17 billion naira ($649.10 million)worth of local currency denominated treasury bills with maturities range of 3-month and 1-year on Dec. 2, the central bank said on Wednesday.

The bank said it will issue 17.85 billion naira worth in the 3-month paper, 18 billion naira in the 6-month paper and 93.32 billion naira in the 1-year bill, using the Dutch Auction System.

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Yields on Nigeria’s bonds fell below 10 percent across maturities as trading started on Wednesday, traders said, a day after the central bank announced a surprise interest rate cut aimed at stimulating lending in Africa’s biggest economy.

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Traders said they are expecting lower returns on the short-date paper at the auction next week in tandem with the prevailing trend in the secondary market.

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