Nigeria: CBN to sell $765million treasury bills on April 6
Thursday, 30 March 2017 11:03
The Central Bank of Nigeria (CBN) plans to sell N235billion ($765.99 million) short-dated treasury bills at an auction on April 6, 2017.
These bills include N35 billion in three-months bill, N33.49 billion in six-month bill and N166.40 billion in one-year bill.
CBN aims to sell these bills using a Dutch auction system. Payment is expected a day after the auction.
Nigeria's apex bank issues treasury bills two times a month to finance budget deficit, help manage commercial lenders' liquidity and control rising inflation.
This month, CBN in two different auctions sold the one-year T-bills at yields that exceed the inflation rate. This is to encourage investors to purchase more of the bills.
Anita Fatunji
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