Official: Latest Treasury Bills Auction Shows Drop in Yields

Nigeria sold 192.39 billion naira ($1 billion) worth of treasury bills with maturities of between three months and one year at lower yields compared with its previous auction, the Debt Management Office said on Thursday.

It said yields on the 3-month tenor paper attracted 10.98 percent at an auction on Wednesday, 0.22 percentage points lower than 11.20 percent fetched at the last auction on Jan. 21.

The yield on the 6-month paper fell 0.29 percent to 13.9 percent against 14.19 percent at the previous auction, while the 1-year paper fetched 14.30 percent, 0.26 percentage point lower than 14.56 percent at the Jan. 21 auction.

Total subscription fell to 461.91 billion naira compared with 611.2 billion demanded by investors at the last auction. The DMO sold 45.17 billion naira in the 3-month paper, 30 billion naira in the 6-month note and 117.22 billion naira in 1-year bills.