FG plans to raise N134.5bn T-bills

Federal Government of Nigeria plans to raise N134.56 in treasury bills ranging from 3-month to 1-year maturities at its regular bi-monthly debt auction on Wednesday, the Central Bank of Nigeria CBN, has said. The bank said it will issue N21.84 billion in 91-day paper, N52.73 billion in 182-day bills and N60 billion in N364-day bills next week on June 28. Nigeria issues treasury bills regularly to reduce money supply, curb inflation and help Banks 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.