By Chinwendu Obienyi with agency report
The Central Bank of Nigeria sold N173 billion ($550 million) at its first treasury bill sale of the year on Wednesday with yields unchanged from the previous auction, held on December 21, 2016, fixed income traders said on Thursday.
The Central Bank of Nigeria (CBN) sold 115.85 billion Naira of one-year debt at a rate of 18.68 percent, the same as the previous auction, traders said.
They said the CBN also sold N35 billion of 91-day paper at 14 percent and N22 billion of six-month bills at 17.5 percent, unchanged from the previous auction.
Subscription at the auction came to N194.12 billion, well up from N42.68 billion at the previous auction
Nigeria’s Central bank issues treasury bills regularly to help banks manage their liquidity, curb rising inflation and provide naira to help the government fund its budget.
Recall in 2016, CBN Governor, Godwin Emefiele, reiterated that the bank will pursue price stability as an anchor for economic growth as well as to attract foreign investors as the country battles recession and rising inflation.