FG Sells N173b Treasury Bills

By Modupe Gbadeyanka

On Wednesday, the Nigerian government traded N172.85 billion at its first treasury bill sale of the year with yields unchanged from the previous auction, held on December 21, 2016, fixed income traders said on Thursday.

Reuters reports that the Central Bank of Nigeria (CBN) sold N115.85 billion of one-year debt at a rate of 18.68 percent, the same as the previous auction, traders said.

They said the apex bank also sold 35 billion naira of 91-day paper at 14 percent and N22 billion of six-month bills at 17.5 percent, unchanged from the previous auction.

Subscription at the auction came to N194.12 billion well up from N42.68 billion at the previous auction.

CBN issues treasury bills regularly to help lenders manage their liquidity, curb rising inflation and provide Naira to help the government fund its budget.

Reuters.