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Central Bank Of Nigeria, Plans N142bn Treasury Bill Auction


The Central Bank of Nigeria, CBN plans to bring about N142.43 billion  in short-dated Treasury bills at an auction on February 15.

The apex bank says it would raise N32.43 billion up in three-month debt, 30 billion in six-month bills and 80 billion in one-year notes, using a Dutch auction system. payment will be expected the day after the closeout.

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

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Last week, Nigeria raised a total of N302.4 billion in Treasury bills, more than the 242 billion planned due to strong demand for the one-year debt.

The central bank at the auction offered a yield above its benchmark interest rate to lure investors in the face of galloping inflation.

Annual inflation rate rose in December to 18.55 per cent, the highest for more than 11 years and the eleventh straight monthly rise.

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