FG plans to raise N242b in treasury bills

Nigeria plans to raise around 242 billion naira ($772 million) in short-dated treasury bills at an auction on February 1, 2017 the Central Bank of Nigeria (CBN) said on Tuesday.

The bank said it would raise 45.17 billion naira in three-month debt, 80 billion in six-month bills and 117.22 billion in one-year notes, using a Dutch auction system. Payment will be due the day after the auction.

Nigeria issues treasury bills to fund its budget deficit, manage banking system liquidity and curb rising inflation.

The nation’s annual inflation rate rose in December to 18.55 per cent, its highest in more than 11 years and the eleventh straight monthly rise.

S ource: Thomson Reuters