Nigeria sold 149.65 billion naira ($953.00 million) worth of treasury bills this week with yields on the 182-day and 364-day papers lower than the previous auction, while the 91-day yields rose slightly.
The central bank sold 44.65 billion of the 91-day treasury bill at a 14.80 percent rate, up marginally from the 14.70 percent yield at the previous auction, it said in a statement.
It sold 20 billion naira worth of the 182-day bills at 15.50 percent, lower than the 16.09 percent previously, and 85 billion naira in the 364-day instrument at a marginal rate of 15.55 percent, compared with 16.89 percent at the last auction.
Traders attributed the falling yields on the longer dated treasury bills to the surge in demand from offshore investors.
Total subscription level rose to 476.86 billion naira, compared with 316.85 billion naira at the last auction, underscoring the increased interest in the local debt instrument by both offshore investors and local banks.
Nigeria, Africa's second biggest economy after South Africa, issues treasury bills regularly as part of monetary control measures to help lenders manage their liquidity.