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Nigeria sells N111b T-bills

By on November 25, 2011

The Federal Government sold  N110.85 billion ($693.90 million) in short-dated treasury bills at an auction yesterday, with yields falling sharply compared to the trend at the previous auction, the Central Bank
of Nigeria (CBN) said.

The apex bank sold N29.64 billion of 91-day treasury bills at 13.90 per cent, down from a 15 per cent marginal rate at the previous auction, and N40.68 billion in 182-day paper at 15.10 per cent, against 16.20 per
cent last week.

The regulator according to Reuters News, sold N40.53 billion naira in 364-day bills at 15.49 per cent, compared with 16.34 per cent last week.

Nigeria  retained its benchmark interest rate at 12 per cent last Monday at its Monetary Policy Committee (MPC) meeting, surprising expectations.