CBN to borrow N952bn in three months

The Central Bank of Nigeria (CBN) has said that it was planning to borrow N952.04 billion ($3.02 billion) with new issues of Treasury Bills from September 15 to December 1, 2016.

The CBN in its latest Treasury Bills issuance calendar said it would sell N264.47 billion worth of three-month bills, N204.88 billion of six-month bills and N482.69 billion of one-year bills, Reuters reported on Wednesday.

The Federal Government is expected to borrow about N900 billion from the local market to bridge its budget deficit, which is estimated at N2.2 trillion in the 2016 budget.

According to the Debt Management Office, the Federal Government is also planning to borrow N120 billion ($387 million) in local-currency denominated bonds at an auction on September 14.

The DMO had said that it would raise N40 billion each from debt maturing in 2021, 2026 and 2036, using the Dutch auction system.

All the bonds are re-openings of previously issued debt. The CBN has said it was planning to borrow N1.77 billion through Treasury Bills in the last three months of the year.

In its fourth quarter Treasury Bills issue programme released on Monday, the CBN said it would raise about N815.37 billion, comprising 91 days, 182 days and 364 days debt instruments.


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