Nigeria Sold 7.7 Billion Naira of Bills in Open-Market Auction

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

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.