Central Bank of Nigeria to sell NGN193 billion Treasury bills next week

Aisha Ahmad

The Central Bank of Nigeria has confirmed that the nation plans to raise NGN193.14 billion (USD614 million) worth of treasury bills at an auction on August 30, 2017.

The country’s apex bank said it will offer 26.14 billion naira in three-month paper, 62 billion in six-month bill and 105 billion in one-year paper, Reuters report. The auction result will be announced on the same day.

Treasury bills are short-term government debt securities issued by the Central Bank of Nigeria (CBN) on behalf of the government, and it is issued twice a month to help the government finance its budget deficit, curb money supply growth and provide avenues for lenders to manage liquidity.

Meanwhile, Nigeria’s interbank overnight lending rate fell last week to an average of 12 per cent from around 60 percent a week ago after the central bank repaid matured treasury bills and a refund of excess cash deposited by banks to buy dollars.

Leave a Reply

Your email address will not be published. Required fields are marked *