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Nigeria to raise 123bn naira in treasury bills

Nigeria to raise 123bn naira in treasury billsLAGOS: Nigeria plans to raise 122.95 billion naira ($ 617.90 million) in treasury bills with tenors ranging from three months to one year on Nov. 4, the central bank said on Monday.

The bank said it will raise 45.17 billion naira in the 3-month bill, 23.43 billion naira in the 6-month and 54.35 billion naira in the 1-year, using the Dutch auction system.

Money market traders said yields on the paper are expected to be lower than the returns at the last auction on Oct. 21, when yields on the 3-month paper were 8.49 percent, the 6-month debt attracted 10.15 percent and the 1-year paper fetched 10.81 percent.

Expectation of lower yields was based on the prevailing returns on the secondary market and the high level of liquidity in the money market.

Copyright Reuters, 2015

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