Nigeria to Raise ₦155B T-bills

Nigeria plans to raise 155.39 billion naira ($780 million) in Treasury bills with maturities of three months to one year on Dec. 16, the central bank has said.

The bank said it will issue 20 billion naira worth of three-month paper, 25 billion naira of six-month paper and 110.39 billion naira in one-year bills, using the Dutch Auction System.

Traders said the debt is expected to be oversubscribed with yields likely to drop further from the last auction of short-dated paper at the auction next week, in tandem with the prevailing trend in the secondary market.