Nigeria sold 7.7 billion naira ($48 million) of Treasury bills in two auctions at its open-market operations.

The Central Bank of Nigeria yesterday sold 3.35 billion naira of bills comprising 141 million naira of 41-day bills at 13.24 percent and 3.21 billion naira of 55-day debt at 13.40 percent, it said in an e-mailed statement today.

Nigeria also auctioned 4.35 billion naira of short-term debt comprising 1.83 billion naira of 42-day bills at 13.25 percent and 2.52 billion naira of 56-day debt at 13.40 percent on May 24, according to the central bank.

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