FG raises N116bn in T-bills, yields fall

The federal government raised N115.85 billion ($582 million) in Treasury bills at lower yields across all tenors compared with a previous sale last month, the Central Bank of Nigeria (CBN) said on Wednesday.

Total subscription for the notes stood at N253.82 billion at the auction, the bank said, compared with N243.39 billion at its May 20 auction.

The bank sold N17.85 billion worth of 3-month bill at 9.79 percent yield, down from 9.95 percent at the previous auction. It sold N18 billion worth of six month paper at 12.7 percent versus 12.75 percent at the last auction.

The bank sold N80 billion worth of the one-year note at 12.99 percent, compared with 13 percent last month.