Nigeria raised 119.9 billion naira at a treasury bill auction on Wednesday after allocating almost 90 percent of the debt to the longer maturities, traders said.
The central bank sold 107.93 billion naira of one-year debt at a rate of 15.60 percent, 43.26 billion naira more than it had initially offered to sell in that maturity.
Investors bid as high as 18.23 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 6 billion naira each in three- and six- months maturities at 13.0 percent and 15.25 percent respectively.
Total subscription stood at 152.89 billion naira.
On Wednesday, the Debt Management Office said it planned to sell 100 billion naira in five- and 10-year bonds on Nov. 22.