Federal government plans to raise N122.95 billion ($617.90 million) in treasury bills with tenors ranging from three months to one year on Nov. 4, the Central Bank of Nigeria, CBN, said on Monday.
The bank said it will raise N45.17 billion in the 3-month bill, N23.43 billion in the 6-month and N54.35 billion in the 1-year, using the Dutch auction system.
Money market traders said yields on the paper are expected to be lower than the returns at the last auction on Oct. 21, when yields on the 3-month paper were 8.49 percent, the 6-month debt attracted 10.15 percent and the 1-year paper fetched 10.81 percent.
Expectation of lower yields was based on the prevailing returns on the secondary market and the high level of liquidity in the money market.

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