CBN to Auction N142bn in Treasury Bills on Feb 15CBN to Auction N142bn in Treasury Bills on Feb 15

CBN to Auction N142bn in Treasury Bills on Feb 15

The Central Bank of Nigeria (CBN) on Tuesday said it intends to raise about N142.43 billion in short-dated Treasury bills at a February 15 auction.

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CBN to Auction N142bn in Treasury Bills on Feb 15

The Central Bank of Nigeria (CBN) on Tuesday said it intends to raise about N142.43 billion in short-dated Treasury bills at a February 15 auction.

Reuters said the CBN would raise N32.43 billion in a 90-day debt, 30 billion in 180-day bills and 80 billion in 365-day notes via the Dutch auction system. Payment will be due the day following the auction.

Nigerian government issues Treasury bills to fund its budget deficit, manage liquidity in the banking system and control rising inflation.

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 365-day tenor debt.

The CBN at the auction offered a yield above its benchmark interest rate to attract investors in the face of soaring inflation.

The annual inflation rate rose in December to 18.55 percent – the highest in more than 11 years and the eleventh straight monthly rise.

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