Central Bank of Nigeria Sells $556 million Treasury Bills with Rates Flat

By Mohamed Momoh | This Day, Nigeria January 7, 2017

The Central Bank of Nigeria (CBN) sold N172.85 billion at its first treasury bill sale of the year on Wednesday with yields unchanged from the previous auction, held on December 21, fixed income traders said on Thursday. According to Reuters, the central bank sold N115.85 billion of one-year debt at a rate of 18.68 per cent, the same as the previous auction, traders said.

They said the central bank also sold N35 billion of 91-day paper at 14 per cent and N22 billion of six-month bills at 17.5 per cent, unchanged from the previous auction. Subscription at the auction came to N194.12 billion, well up from N42.68 billion at the previous auction. The CBN issues treasury bills regularly to help lenders manage their liquidity, curb rising inflation and provide naira to help the government fund its budget.

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