Nigeria raises 150.6 bln naira in T-bills at higher returns

Yields on Nigerian short-dated treasury bills rose marginally at an auction on Wednesday where the central bank sold a total of 150.6 billion naira worth of debt with maturities ranging between three months and one year.
The central bank said it sold 45.17 billion naira of 3-month paper at 7.99 percent yield, compared with 7.88 percent at the last auction on April 20.
A total of 23.43 billion naira worth of the 6-month treasury bill was sold at 9 percent against 8.99 percent at the previous auction, while 82 billion naira of the 1-year treasury bill was sold at 11.05 percent compared with 10.24 percent previously.
Investors demanded a total of 261.52 billion naira against 253.19 billion subscription at the last auction.