The nation’s currency Thursday remained stable in relation to the US dollar at the foreign exchange market, as the Central Bank of Nigeria (CBN) sold N99 billion in treasury bills.
The Federal Government through the CBN issues treasury bills to raise cash to fund the budget deficit, manage banking system liquidity and curb rising inflation.
After trading yesterday, the naira closed at N468 per dollar, the same as the previous day, at the Bureau De Change (BDC) segment of the foreign exchange market.
At the parallel market, the local currency also traded stable, closing at N470 against the greenback.
Nigeria sold N99.12 billion ($312 million) in short-dated treasury bills at an auction on Wednesday, with mixed yields, data from the central bank showed on Thursday.
A total of N24.44 billion of the 3-month paper was sold at 14 percent, unchanged compared to the last auction on Oct. 19.
The bank sold N21.34 billion of 6-month debt at 17.50 percent, versus 17.09 percent at the previous auction. It also sold N54.35 billion of 1-year bills at 18.50 percent, compared with 18.30 percent previously.
Total subscriptions stood at N122.96 billion compared with N115.26 billion at the last auction, the data showed.
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