Nigeria Raises ₦213b in Treasury Bills

Nigeria raised 212.85 billion naira ($654.92 million) in an auction of treasury bills on Wednesday, with yields little changed from previous sales, data from the Debt Management Office showed on Thursday.

The debt office raised 45.85 billion naira of three-month paper at 14.38 percent, down from 14.99 percent in mid-August; 62 billion naira of six-month bills at 17.50 percent, up from 17.48 percent, and 105 billion of one-year paper at 18.42 percent, down from 18.50 percent.

Higher subscriptions on the one-year sale suggested some offshore investors participated, market players said.

On Monday, offshore investors traded about $270 million through the interbank forex market to fund investments in naira debt.