The Central Bank of Nigeria on Wednesday sold treasury bills in an auction to investors who wanted to lend government money.

But it then appeared more investors were interested in the offer than initially thought.

That was how CBN ended up raising more cash than originally planned after it received subscriptions for almost four times the amount of treasury bills initially on offer.

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The apex bank raised 215.88 billion naira at the auction, 75 billion naira more than planned, with the one-year paper accounting for most of the debt.

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Total subscription at the auction stood at 559 billion naira.

Investors bid as much as 18.9% for the one-year debt and as low as 13.15% for the three months note.

The bank raised 22.78 billion naira in three-month bills at 13.15%, 24.74 billion naira in six-month bills at 16.8% and 168.36 billion naira in one-year bills at 17%.

Traders said foreign investors sold dollars last week in anticipation of the auction, boosting demand for the bills while making more money available on the currency market.