Federal government sold N142.43 billion ($715.73 million) worth of three-month to one-year treasury bills on Wednesday, at lower returns than in its previous auction, the Central Bank of Nigeria, CBN, said on Thursday.
The bank raised N32.43 billion of three-month paper at 4.85 percent, down from 4.95 percent at a sale on Feb. 3.
The bank sold N30 billion of six-month debt at 7.3 percent against 7.97 percent, while it sold N80 billion of one-year paper at 8.98 percent compared with 9.49 percent.
Total subscription rose to N513.71 billion from N400.82 billion at the previous auction.
The 3-month bills closed at 3.50 percent on the secondary market on Wednesday, the 6-month traded at 7.08 percent while the one year paper closed at 9.29 percent.
Africa’s biggest economy issue treasury bills to banks and non-financial institutions to help ease government cash flow, manage banking system liquidity and curb inflation.

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