FG sells N99bn in Treasury bills, yields mixed

Nigeria sold N99.12 billion ($312 million) in short-dated treasury bills at an auction on Wednesday, with mixed yields, data from the Central Bank showed on Thursday.
A total of N24.44 billion of the 3-month paper was sold at 14 percent, unchanged compared to the last auction on October 19.
The bank sold N21.34 billion of 6-month debt at 17.50 percent, versus 17.09 percent at the previous auction. It also sold N54.35 billion of 1-year bills at 18.50 percent, compared with 18.30 percent previously.
Total subscriptions stood at N122.96 billion compared with N115.26 billion at the last auction, the data showed.
Nigeria issues treasury bills to raise cash to fund the budget deficit, manage banking system liquidity and curb rising inflation. ($1 = N317.50)

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