FG raises N190bn in treasury bills

CBN stirs controversy with reversal of SME funding policy

As part of measures to finance budget deficit, the federal government on Friday sold a total of N190 billion ($673.76 million) in treasury bills.

Reuters reports fixed income dealers saying that the maturities on the bills rang from three months to one year, with yields broadly flat.

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The central bank sold N28 billion of the 3-month treasury bills at 9.98 percent compared with 9.99 percent at the June 22 auction and N42 billion worth of the 6-month bill at 12.24 percent against 12.30 percent previously.

The bank sold N120 billion worth of the one-year paper at 14.99 percent, the same rate as at the last auction.

The measure is also aimed at helping manage liquidity in the banking system.

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