Yields on Treasury Bills fall at Auction

Yields on Nigeria's short-dated treasury bills fell across the board at an auction on Wednesday, when the central bank sold bills worth 129.67 billion naira ($411.65 million).

A total of 28 billion naira of 3-month paper was sold at 13.90 percent compared with 14 percent at the Sept. 21 auction, central bank data showed on Thursday.

The bank sold 33.49 billion naira of 6-month debt at 17.09 percent after 17.27 percent previously. It also sold 68.18 billion naira of 1-year bills at 18.25 percent, lower than 18.30 percent at the previous auction.

Total subscriptions stood at 311.40 billion naira compared with 399.71 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.