Business has kicked off in full swing at least for the government.

On Thursday, the Nigerian government through the Central Bank of Nigeria, CBN raised 161.54 billion naira at a treasury bill auction held on Wednesday – the first in the new year.

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Traders said the treasury bills received subscriptions more than twice the amount on offer.

The CBN sold 115.85 billion naira of one-year debt at a rate of 14.30%. It auctioned 11.77 billion naira and 33.93 billion naira respectively in three- and six- months maturities at 12.54% and 13.92%.

Total subscription stood at 388.50 billion naira.

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In December, the government repaid 198-billion-naira worth of treasury bills using part proceeds of a $3 billion Eurobond issue, instead of rolling over the debt to lower its borrowing costs. It plans to repay more bills this year.

Investors bid as high as 18.6% for the one-year paper. However, the government has been offering debt at lower yields to track declining inflation, which fell for the tenth month in November to 15.90%.

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