CBN To Issue N120.5bn Treasury Bills Next Week

The Central Bank of Nigeria on Wednesday said it would borrow N120.52bn ($606m) in a new Treasury bills issue next Wednesday.
The bank said in a statement it would sell N31.19bn worth of the three-month paper, N39.33bn of the six-month bill and N50bn in the one-year debt on June 24, using the Dutch Auction System.
At an auction on Wednesday, the CBN offered N143.64bn worth of Treasury bills of tenors ranging between three-month and one-year.
In addition, a total of N80bn worth of Treasury bonds with maturities between five-year and 20-year were also on offer at the same auction.
The results of both auctions are expected to be published on Thursday.
The central bank is planning to borrow about N872.96bn ($4.4b) in new Treasury bills issues between June 18 and September 3.
Data released by the CBN had shown that it would auction N215.12bn worth of the three-month paper, N238.5bn in the six-month debt and N419.34bn worth in the one-year paper.
The total debt proposed for the third quarter is 12.3 per cent short of the N995.5bn it raised in the second quarter of this year.
The CBN had said it would issue treasury bills worth N730.499bn in the second quarter of 2015.
Treasury bills are short-term debt obligation with a maturity of less than one year issued by the CBN through a competitive bidding process bi-monthly.

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