Nigeria raises 127 bln naira in T-bills at lower yields

LAGOS: Nigeria raised 127.07 billion naira ($638.86 million) selling Treasury bills with maturities of between three months and one year at lower yields compared with the previous auction, the central bank said on Thursday.

The bank sold 25.40 billion naira of the 91-day paper at a yield of 10 percent, down from 10.50 percent at the previous sale last month.

It sold 33.49 billion naira worth of six-month paper at a yield of 12.20 percent, down from 13.39 percent 0n Sept. 2, and paid 12.50 percent to sell 68.18 billion naira of one-year debt less than the 14.69 percent yield at the previous auction.

Yields were higher than in the secondary market, the three-month paper was trading at 9.13 percent, six-month debt at 11.69 percent and the one-year paper at 13 percent.