LAGOS — The Central Bank of Nigeria, on behalf of the Debt Management Office, offered N900 billion in treasury bills on 7 October, the first auction of the fourth quarter. Most of the offer, N700 billion, was in 364-day bills. The one-year rate stood at 15.89 per cent, down 146 basis points from 16.84 per cent on 2 September, after the central bank cut its policy rate to 23 per cent. At the previous auction on 23 September, investors bid N4.23 trillion. The DMO raised about N8.14 trillion in the third quarter, 40 per cent above its target of N5.8 trillion.