Nigeria raised 117.17 billion naira at a treasury bill auction on Wednesday after allocating almost 90 percent of the debt to longer maturities, traders told Reuters.
The central bank sold 103.07 billion naira of one-year debt at a rate of 15.57 percent, 23.04 billion naira more than it had initially offered to sell in that maturity.
Investors bid as high as 18 percent for the one-year paper. However, the government has been offering debt at lower yields to track declining inflation, which fell for the ninth month in October to 15.91 percent.
The bank then sold 7.89 billion naira and 6.21 billion naira respectively in three- and six- months maturities at 12.95 percent and 15 percent. Total subscription stood at 133.79 billion naira.