Nigeria raises €452 million in Treasury Bills
The auction fetched lower yields than the previous one.Nigeria raised 97.8 billion naira (€452 million) through a Treasury bills auction on Wednesday (March 25th).
The sale - oversubscribed three times - fetched lower yields compared with the previous one, due to strong appetite for the debt, the central bank told Reuters. Investors demanded yields ranging between 10 per cent to 18 per cent.
The Central Bank of Nigeria said it sold 14.03 billion naira in 91-day notes at 10.69 percent, compared with 10.79 percent at the previous auction on March 18th. It auctioned 10.61 billion naira in 182-day notes at 14.5 per cent, compared with 14.7 per cent previously.
It also announced it will issue Treasury bills worth a total of N730.499 billion in the second quarter of this year.
Meanwhile, the demand pressure for liquidity by Deposit Money Banks in the money market weakened last week, as rates traded at lower levels on average compared to the preceding week, which suggest high level of liquidity in the system, analysts quoted by This Day said.