CBN plans N193bn treasury bill sale next week

Central Bank of Nigeria is billed to raise the sum of N193.14 billion worth of treasury bills at an auction on August 30. The CBN will on that day offer N26.14 billion in three-month tenure, N62 billion in six-month bill and N105 billion in one-year tenure. The auction result will be announced on the same day.
The CBN issues treasury bills twice a month to help the government finance its budget deficit, curb money supply growth and provide avenues for lenders to manage liquidity. Federal Government is planning to refinance $3 billion worth of treasury bills denominated in the local currency with dollar borrowing to lower costs and improve its debt position, finance minister Kemi Adeosun said last week.