CBN to raise N219bn in Treasury bills

 

 

The Central Bank of Nigeria (CBN) said Wednesday that it was planning to raise N218.89bn in short-dated treasury bills on April 7.

The sale of treasury bills is a regular feature of government borrowing plans to finance budget deficit, help manage liquidity in the banking system and curb inflationary growth.

The CBN said it will sell N55.40bn of three-month and N33.49bn of six-month bills and N130bn of one-year debt, using the Dutch auction system.

CBN officials said results of the auction are expected to be released on Thursday. The bills on offer will also be redeemable on the day of the auction.

The federal government is battling with dwindling oil revenues, a currency plagued by high volatility and rising unemployment figures.

The Buhari-led administration inherited a largely distorted economy underpinned by massive corruption in government establishments.

There have been calls for the CBN governor, Mr Emefiele, to resign over the nation’s troubled currency but this have been ignored by President Buhari.

 

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