The Central Bank of Nigeria (CBN) on Wednesday raised N215.88 billion at the treasury bill auction, N75 billion more than originally planned, after it received subscriptions for almost four times the amount of debt initially on offer, traders said.
The breakdown showed that the one-year paper accounted for most of the debt. Total subscription at the auction stood at N559 billion.
Investors bid as much as 18.9 per cent for the one-year debt and as low as 13.15 per cent for the three months note.
The bank raised N22.78 billion in three month bills at 13.15 per cent, N24.74 billion in six month bills at 16.8 per cent and N168.36 billion in one-year bills at 17 per cent.
Traders said foreign investors sold dollars last week in anticipation of the auction, boosting demand for the bills and also liquidity on the currency market.
However, currency market liquidity waned on Wednesday as some international investors were waiting to see where the yields would end up.