N304bn Mopped Up From Financial Markets

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A total of N304.23 billion was on Wednesday mopped up from the Nigerian financial market through the sales of Federal Government Bonds and treasury bills, the Debt Management Office said yesterday.

According to the debt office, N121 billion was raised at an auction of local currency bonds while N183.23 billion was raised through the sales of Treasury Bills.

DMO said the bonds were sold at higher rates across board as it raised N15 billion through the 2021 paper at 15.14 percent, compared with 15.08 percent at the previous auction last month.

It also sold N30 billion of 2026 debt at 15.53 percent, against 15.28 percent, and N60 billion of 2036 debt at 15.59 percent, compared with 15.53 percent.

The debt office also allotted an additional N16 billion worth of the 2021 debt on a non-competitive basis to mandate clients.

Meanwhile, the N183.24 billion worth in treasury bills auctioned on Wednesday was sold with mixed yields on all the tenors.

The debt office said it raised N48.10 billion of three-month paper at 14 percent, down from 14.38 percent at August 31, auction, sold N48.45 billion worth of the 6-month paper at 17.77 percent, higher than 17.50 percent previously.

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