Bloomberg News

Nigeria Sold 134.6 Billion Naira of Bills in Open-Market Auction

March 24, 2012

Nigeria sold 134.6 billion naira ($862.8 million) of treasury bills in an auction at its open- market operations.

The Central Bank of Nigeria yesterday auctioned 59.4 billion naira of 258-day bills at 15.25 percent and 75.2 billion naira of 335-day debt at 15.37 percent, it said in an e-mailed statement today. Bids totaled 296.8 billion naira, more than double the amount on offer.

Open-market operations are used by the Abuja, Nigeria-based bank to control short-term interest rate and money supply in the economy.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net


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