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FG raises N176bn in T-Bills on lower yields

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The Federal Government yesterday raised N176 billion worth of treasury bills at an auction, Reuters reported.
According to traders, the Central Bank of Nigeria (CBN) offered N6 billion of three-month paper, N30 billion of six-month bills and N140 billion of one-year notes.
The apex bank issues treasury bills twice a month to help the government to finance its budget deficit, curb money supply growth and provide an avenue for lenders to manage liquidity.
Total demand for the notes stood at N229.9 billion as investors were demanding as high as 20 percent yields for the one-year paper, which sold for 13.7 percent. It sold the one-year paper at 14.3 percent in January.

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