CBN To Raise N62.43B ($171M) Via Treasury Bills Auction

by Ike Obudulu Last updated on August 26th, 2017,

ABUJA, NIGERIA. The Central Bank of Nigeria announced on wednesday that it plans to sell 62.43 billion naira ($171 million) of short-dated treasury bills at an auction next Wednesday August 16th. The wholesale bank plans to offer 32.43 billion naira in three-month paper and 30 billion naira of a six-month bill. Results of the auction will be announced on the same day.

The apex bank, in a statement, said all money market dealers should submit bids through the CBN S4 web interface between 9:00 a.m and 11:00 a.m next Wednesday.

The CBN said each bid must be in multiple of N1, 000 subject to a minimum of N50, 001,000 and authorized money market dealers are to submit multiple bids.

Godwin Emefiele CBN Governor

The Central Bank of Nigeria (CBN) issues treasury bills twice a month to help the government to finance its budget deficit, curb inflation by curbing money supply growth and provide an avenue for lenders to manage liquidity.

Treasury bills are short term debt instruments used to provide short-term funding for the government and control money supply in the economy.

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