It's raining cash at the moment and the Nigerian government is almost overwhlemed by demand outweighing its supply.

Nigeria has to lower the yields it offered at a treasury bill auction on Wednesday to raise 130 billion naira ($425.3 million) after investors submitted bids four times in excess of the amount it wanted to sell.

The Debt Management Office (DMO) sold 129.77 billion naira in 91-day, 182-day and 364-day bills at the auction but received bids totalling 526.36 billion naira.

FOR MORE BUSINESS UPDATES, DOWNLOAD BOUNCE NEWS APP

Traders said the DMO sold the one-year paper at 15.72 percent to fetch 106 billion naira, lower than 17 percent it paid at the last auction. It also reduced the rate it paid for the 182-day bill to 15.49 percent.

Investors bid as much as 18 percent for one-year debt and as low as the 13.25 percent it paid for the three-month note.

Reports suggest the DMO is planning a series of eurobonds, part of which it intends to use to repay some of its local treasury bill holdings already worth 2.7 trillion naira.

ALSO READ: WHY NIGERIA'S SUKUK BOND WAS OVER SUBSCRIBED

WATCH - Biafra War Veterans Speak About Their Horror Experience