CBN plans to sell N133.24 billion worth of treasury bills

Central Bank of Nigeria CBN plans to sell N133.24 billion worth of treasury bills at an auction next week, on behalf of the federal government of Nigeria.

The bank said it plans to offer N28.12 billion worth of three-month debt, N55.12 billion in six-month bill and N50 billion in one-year note, using the Dutch auction system on June 21. Settlement will be made next day after the auction.
On Friday, the monetary body said it would issue N1.24 trillion worth of the treasury notes in the third quarter, starting from June 15 to August 31.
The central bank issues treasury bills twice a month to help the government fund its budget deficit, support commercial lenders in managing liquidity and curb inflation.
Nigeria has a budget deficit of N2.36 trillion this year as it tries to spend its way out of a recession. It expects to raise money to cover more than half the deficit from the local market.
Nigeria has a series of debt issues lined up including a $300 million Diaspora bond and N100 billion debut domestic sukuk this month.