FG raises N168 billion in T.bills at low yields

Treasury bill yields fell around 10 basis points across the board at an auction on Wednesday after the Central Bank of Nigeria (CBN) received subscriptions of almost 2-1/2 times the amount it wanted to sell from pension funds and foreign investors.

The CBN raised N168.28 billion  ($1.03 billion), issuing treasury bills ranging from 3-months to one-year. Total demand stood at N404.32 billion, with the one-year bill attracting 58 percent of subscriptions, it said on Thursday.

The bank issued N33.26 billion worth of 3-month bills at 9.9 percent, as against 10 percent the same tenor fetched at an earlier auction on June 4.

It sold 50.02 billion naira worth of 6-month notes at 10.38 percent, compared with 10.45 percent at it previous auction and auctioned 85 billion naira in one-year bills at 10.39 percent, down from 10.49 percent at its last auction.