CBN plans N193bn Treasury bill sale next week

CENTRAL Bank of Nigeria plans to raise N193.14 billion worth of treasury bills at an auction on Aug. 30.

The bank will offer N26.14 billion in three-month paper, 62 billion in six-month bill and 105 billion in one-year paper. The auction result will be announced on the same day.

The central bank issues treasury bills twice a month to help the government finance its budget deficit, curb money supply growth and provide avenues for lenders to manage liquidity.

Nigeria is planning to refinance $3 billion worth of treasury bills denominated in the local currency with dollar borrowing to lower costs and improve its debt position, its finance minister has said.

(Reuters)