Nigeria sells bills totalling 242 bln naira at higher yields

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LAGOS Feb 4  – Nigeria sold 242.38 billion naira ($1.22 billion) worth of three month to one year treasury bills on Wednesday, at higher yields than in its previous auction, the central bank said on Thursday.

The bank raised 50 billion naira more than initially planned as it increased the amount of six-month paper auctioned from the 30 billion it had previously announced, to 80 billion naira.

It sold 45.17 billion naira of three-month paper at 4.95 percent, up from 4.29 percent at a sale on Jan. 20.

The bank sold 80 billion naira of six-month debt at 7.97 percent against 7.59 percent, while it sold 117.21 billion naira of one-year paper at 9.49 percent compared with 9.32 percent.

Total subscription stood at 400.82 billion naira, compared with 288.98 billion naira.

The 3-month bills closed at 4.59 percent on the secondary market on Wednesday, the 6-month traded at 7.87 percent while the one year paper closed at 8.45 percent.

($1 = 199.0000 naira)