FG raises N150.6bn in Treasury bills

The federal government raised N150.60 billion ($756.78 million) in Treasury bills, with yields mixed compared with the previous sale last month, the Central Bank of Nigeria (CBN) said on Thursday.

The yield on the 3-month bill was stable at 10.09 percent, the same as at the April 22, auction. The CBN sold N45.17 billion in the 3-month paper.

A total of 23.43 billion naira was sold in the six months paper at 12.89 percent, higher than the 12.80 percent yield at the last auction, while 82 billion worth of the one-year paper was sold at 13.39 percent against 12.99 percent last month.

Investors – mostly domestic banks and pension funds – submitted bids worth a total of 329.97 billion naira against 669.66 billion naira at last month’s auction.