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BUSINESS & ECONOMYCOVERNEWSLETTER

CBN Sells N129.67billion T-bills With Low Yields

The Central Bank of Nigeria, CBN, on Wednesday, October 5 sold bills worth a whooping N129.67 billion at an auction. However, yields on  the Nigeria’s short-dated treasury bills fell across the board at the auction.

A total of N28 billion of 3-month paper was sold at 13.90 per cent compared to 14 per cent at the September 21 auction, central bank data showed on Thursday.

The apex bank sold N33.49 billion of 6-month debt at 17.09 percent after 17.27 per cent previously. It also sold N68.18 billion of 1-year bills at 18.25 per cent, lower than 18.30 per cent at the previous auction.

Total subscriptions stood at N311.40 billion compared to N399.71 billion at last month’s auction. Nigeria issues treasury bills to raise cash to fund the budget deficit, manage banking system liquidity and curb rising inflation.

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