CBN To Sell N1.24trn Treasury Bills In Three Months
Godwin Emefiele, Governor Central Bank of Nigeria[/caption]
The Central Bank of Nigeria (CBN) plans to sell N1.24 trillion ($4.1 billion) worth of treasury bills (T-bills) from June 15 to August 31.
This was revealed in the regulator’s debt calendar for the third quarter of 2017.
Beginning this week till August 31, the CBN will raise N22.3 billion for the government through its debt issuance instrument- Nigerian Treasury Bills (NTBs).
The twice-monthly treasury bills auctions will help fund the government’s budget deficit and support commercial banks in managing liquidity.
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Specifically, CBN is targeting N226.6 billion in 91-day bills; N311.3 billion for N182-day; and N698.64 billion in 364-day debt under the NTBs’ maturity-rollover plan.
Within the three-month period, a cumulative of N198 billion under the 182-day treasury bills would at one point or the other not be due for maturity.
By the end of third quarter, NTBs of various maturity dates would settle at N3.7 trillion, against N3.6 trillion as at March 31, 2017.
Recall on 3rd August 2016, the CBN raised N245.18 billion ($773.44 million) worth of T-bills to settle short-term obligations. It also issued N45.18 billion in three-month debt, N80 billion of six-month paper and N120 billion of one year bills in a Dutch auction.
