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    Nigeria to issue N229b Treasury bills next week

    Chronicle EditorBy Chronicle EditorJuly 26, 2017No Comments2 Mins Read
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    EFCC asks court to dismiss Emefiele’s move to stop seizure of $2.04m
    EFCC asks court to dismiss Emefiele’s move to stop seizure of $2.04m
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    Godwin Emefiele, CBN Governor

    Nigeria plans to issue 229.14 billion naira ($728.59 mln) in Treasury bills at an auction on August 2, the central bank said on Wednesday.

    The bank said it will issue 29.14 billion naira in three-month bills, 80 billion in six-month paper and 120 billion in one-year bills.

    Nigeria’s central bank issues Treasury bills twice a month to help the government to finance its budget deficit, curb money supply growth and to help lenders manage their liquidity.

    READ: Boko Haram kidnaps oil survey team – NNPC

    The bill comes after the government disbursed budget allocation to its agencies, prompting the central bank to mop up excess liquidity.

    Nigeria released 652.2 billion naira late on Tuesday to its three tiers of government – federal, states and local – as their June budget disbursement.

    According to the Diamond Bank website, Treasury Bills are short-term debt instruments issued by the Federal Government through the Central Bank to provide short term funding for the government. They are by nature, the most liquid money market securities and are backed by the guarantee of the Federal Government.

    They are usually issued for tenors of 91 days, 182 days and 364 days at the primary market auction held fortnightly by the Central Bank of Nigeria.

    The interest rate (stop rate) at the auction is not fixed but fluctuates based on demand and amount offered by the apex bank. However, there are other tenors available in the secondary market based on prevailing rates.

    More information on Nigeria Treasury Bills can be found on the CBN website.

    Reuters

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