Nigeria plans to repay 482 billion naira of treasury bills in the second quarter and will halve the amount it wants to raise between March and May to lower borrowing costs, according to its debt auction calendar seen by Reuters on Wednesday.
A total of 964 billion naira worth of bills fall due in the second quarter, of which the government plans to roll over 482 billion naira. News of those plans sent yields down 0.4 percent on the secondary market on Wednesday, traders said.
Nigeria sold a $2.5 billion Eurobond in February to help refinance naira-denominated treasury bills at a lower borrowing cost. The debt office said on Wednesday it would repay the bills in phases as they mature.
The 91-day bill shed 0.4 percent to 13.8 percent on Wednesday.