CBN To Raise N129 Billion In Treasury Bills

The Central Bank Of Nigeria (CBN),on Wednesday said it will raise N129.17 billion worth of local currency denominated treasury bills with maturities range of 3-month and 1-year on Dec. 2.

The apex bank said it will issue 17.85 billion naira worth in the 3-month paper, 18 billion naira in the 6-month paper and 93.32 billion naira in the 1-year bill, using the Dutch Auction System.

Yields on Nigeria’s bonds fell below 10 percent across maturities as trading started on Wednesday, traders said, a day after the Central Bank announced a surprise interest rate cut aimed at stimulating lending in Africa’s biggest economy.

Traders said they are expecting lower returns on the short-date paper at the auction next week in tandem with the prevailing trend in the secondary market.