Nigeria raised N310.14 billion ($985 million) at an auction of treasury bills on Wednesday at yields lower than the inflation rate the central bank said on Thursday.
The bank sold N222 billion of one-year treasury bills at a yield of 18.49 percent, lower than inflation at 18.72 percent and compared with 18.44 percent at a previous auction.
A total of N62 billion of the six-month bill was sold at 17.20 percent, slightly higher than 17.15 percent at the previous sale. A total of 26.14 billion of three-month paper was sold at 13.65 percent against 13.69 percent previously.
Subscriptions stood at N312.44 billion against N415.05 billion at the previous auction.
Nigeria’s central bank issues treasury bills twice a month to finance the government’s budget deficit, help manage commercial lenders’ liquidity and curb rising inflation.
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