Yields on Nigeria’s T-Bills rise across board at auction

Yields on Nigerian short-dated treasury bills rose significantly at an auction on Wednesday where the central bank sold a total of 167.51 billion naira ($841.76 million) worth of debt with maturities ranging between three months and one year.

The central bank said it sold 36.78 billion naira of 3-month paper at 7.88 percent yield, about 1.78 percentage points higher than at the last auction on April 6.

A total of 35 billion naira worth of the 6-month treasury bill was sold at 8.99 percent against 8.69 percent at the previous auction, while 95.73 billion naira of the 1-year treasury bill was sold at 10.24 percent compared with 9.48 percent previously.

Investors demanded a total of 253.19 billion naira against 445.86 billion subscription at the last auction.