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Nigeria sells $937 million in T-bills, yields dip



Friday February 10, 2012

Nigeria said on Friday it auctioned 149.27 billion naira ($937.92 million) worth of 91-day, 182-day and 364-day treasury bills this week at lower yields than its last sale.

At its third auction this year, the central bank sold 67.22 billion naira in 264-day paper at 16.89 percent, 50 billion naira in 182-day at 16.09 percent and 32.06 billion naira of 91-day bills at 14.70 percent.

The 182-day paper was sold at a marginal rate of 16.10 percent at the previous auction on January 25, while the 91-day was issued at a 14.79 percent marginal rate.

The total subscription stood at 316.85 billion naira compared with 258.13 billion naira at the previous auction.

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.  



Source: Reuters (Reporting by Oludare Mayowa)

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