FG to sell N129 bn in T-bills

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By Alex C

The Central Bank of Nigeria (CBN) said that it plans to sell 129.17 billion naira ($730 mln) in treasury bills with maturities ranging from three months to one year at an auction on December 3, 2014. The Apex bank revealed that it will sell 27.85 billion Naira in the 3-month treasury bills; 30 billion Naira in the 6-month paper and 71.32 billion in the 1-year debt note, using the Dutch auction system.

The regulator hiked benchmark interest rates to 13 percent from 12 percent on Tuesday, a move that triggered an increase in yields across the secondary market on Wednesday.

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