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FG Plans N193 Bn Treasury Bill Sale Next Week

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Nigeria plans to raise 193.14 billion naira ($614 mln) worth of treasury bills at an auction on Aug. 30, the central bank said on Wednesday.

The bank will offer 26.14 billion naira in three-month paper, 62 billion in six-month bill and 105 billion in one-year paper. The auction result will be announced on the same day.

The central bank 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.

Nigeria 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, its finance minister has said.

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