CBN sells 1 year treasury bills @ 15.35%

CBN sells 1 year treasury bills @ 15.35%
Central Bank of Nigeria

Nigeria’s treasury bill yields fell across the board at an auction on last week, compared with a previous sale on March 4, the central bank said.

The CBN said it sold a total of around 167 billion naira ($840 million) of debt, less then the 447.81 billion naira worth of bids submitted by investors. Bids at the last auction stood at 318.58 billion naira.

It sold 33.87 billion naira worth of the 91-day note at 10.79 percent, broadly flat against the 10.8 percent fetched at the previous auction.

The 182-day bond worth 50.27 billion naira was sold at 14.7 percent, against 14.85 percent previously, the central bank added.

The bank said a total of 83 billion naira worth of the 1-year note attracted 15.35 percent compared with 15.89 percent at the previous auction.

The drop in yields is perhaps attributed to the sell-offs in the stock market as some investors who flee the stock market end up in the much safer government securities.

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