Nigeria to sell NGN917 billion treasury bills in Q4

Nigeria to sell NGN917 billion treasury bills in Q4

In the next two months, Nigeria said it will sell NGN917.14 billion worth of treasury bills, a means of borrowing from the domestic market.

The bills are expected to be issued between Sept. 14 and Nov. 30, 2017.

The disclosure is contained in the schedule of the Central Bank of Nigeria for the fourth quarter of the year released earlier today.

The Central Bank said it will auction NGN209.85 billion naira in 91-day bills, NGN197.89 billion in 182-day and NGN509.39 billion in 364-day debt.

The Central Bank of Nigeria uses the borrowing programme to fund deficit budget and also control liquidity in the financial markets.

As at today, Nigeria’s central and state government have since borrowed over NGN1.7 trillion locally and internationally through debt, bond and treasury instruments.