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HomeTop NewsNigeria sells 137.8 bln naira in Tbills, yields mixed

Nigeria sells 137.8 bln naira in Tbills, yields mixed

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Nigerian currency

Nigeria sold 137.85 billion naira of treasury bills ranging from 3-month to one-year maturities with the six month and 1-year paper fetching higher yields than at the previous auction, while returns on the 3-month bill was unchanged.
The central bank said on Friday it issued 27.85 billion naira in the 91-day treasury bill at 10 percent, the same rate attracted by the paper at the previous auction last month.
The bank sold 30 billion naira worth of the six month bill at 10.45 percent, 44 basis points higher than 10.01 percent the same tenor got at the last auction, while it sold 80 billion naira in the one year paper at 10.49 percent against 10.12 percent previously.
Total demand stood at 304.36 billion naira, lower than the 520.7 billion naira in subscriptions at the May 21 auction.
Yields on Nigerian treasury bills fell 20 basis points across the board at the secondary market on Thursday after the new central bank governor Godwin Emefiele signalled the bank would seek to gradually reduce interest rates.

Meanwhile, the naira weakened to more than two month low of 164.68 to the dollar on Friday, down 0.50 percent, a day a day after the new central bank governor Godwin Emefiele struck dovish note on interest rates. 
The local unit was trading at 164.68 to the dollar on Friday, lower than 163.85 it closed the previous day. The currency was last seen at this level on March 28, when it closed at 164.95 to the dollar. 

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