Nigeria plans to sell N133.24 billion ($424 million) worth of treasury bills at an auction next week, the central bank said on Wednesday.
The bank said it plans to offer N28.12 billion worth of three-month debt, N55.12 billion in six-month bill and 50 billion naira in one-year note, using the Dutch auction system on June 21. Settlement will be made next day after the auction, Reuters reports.
On Friday, the monetary body said it would issue 1.24 trillion naira 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.
The West African country expects a budget deficit of 2.36 trillion naira 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.
Source: PM NEWS