CBN to issue N205bn in treasury bills next week

 

THE Central Bank of Nigeria (CBN) is planing to issue N204.95 billion in treasury bills at an auction on July 19.
The bank aims to raise N36.78 billion in three-month bills, N39.17 billion in six-month paper and N129 billion in one-year bills.
Nigeria’s central bank issues treasury bills twice a month to help the government to finance its budget deficit, curb money supply growth and provide an avenue for lenders to manage liquidity.
Africa’s biggest economy expects its budget deficit to hit N2.36 trillion this year as it tries to spend its way out of recession, with more than half the deficit financed through local borrowing.
Finance Minister Kemi Adeosun on Tuesday said that Nigeria should not borrow more to fund its budget and instead raise the money it needs by other means.