CBN sells N40bn treasury bills

The Central Bank of Nigeria said it had raised N39.72bn ($130.57m) at a Treasury bill sale, with yields unchanged on the previous auction.

The central bank sold N13.17bn of three-month paper at 14 per cent, the same yield as on December 14, and sold N26.55bn of six-month paper at an also unchanged 17.5 per cent, Reuters reported.

The auction was sparsely subscribed with total demand of N42.68bn, the CBN said on its website on Friday.

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.

Meanwhile, the currencies of Uganda, Kenya and Zambia seen trading sideways last week, will continue till next Thursday as most investors closed positions ahead of the end of the year while Nigeria’s naira is seen weaker as a dollar shortage persists, according to traders.

The Uganda shilling is set to trade weaker over the next few days as commercial banks exert demand to square positions as the year nears its close.

The Kenyan shilling will likely hold its position this week amid continued vigilance from the central bank, according to traders.

[Punch]

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