27 June 2012

Nigeria: CBN Plans to Raise N134.5 Billion in T-Bills

Nigeria plans to raise N134.56 billion ($827.27 million) in treasury bills ranging from 3-month to 1-year maturities at its regular bi-monthly debt auction today, the Central Bank of Nigeria (CBN) said yesterday.

The apex bank said it would issue N21.84 billion in 91-day paper, N52.73 billion in 182-day bills and N60 billion in 364-day bills .

The central bank issues treasury bills regularly to reduce money supply, curb inflation and help lenders manage their liquidity.

Dealers said the release of May budget allocations to government agencies would spur demand for the paper, but yields are expected to be mixed.

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