CBN to raise N129bn in treasury bills

The Central Bank of Nigeria (CBN) yesterday said it plans to raise N129.17 billion worth of local currency denominated treasury bills with maturities range of 3-month and 1-year on December 2.

The apex bank said it will issue N17.85 billion worth in the 3-month paper, N18 billion in the 6-month paper and N93.32 billion n in the 1-year bill, using the Dutch Auction System.

Yields on Nigeria’s bonds fell below 10 per cent across maturities as trading started yesterday, traders said, a day after the CBN announced a surprise interest rate cut aimed at stimulating lending in the 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.