CBN to sell N50.4bn Treasury bills

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The Central Bank of Nigeria is planning to raise N50.4bn from the sale of new Treasury bills, data from the central bank has shown.

According to the CBN, the TBs will have three-month and six-month maturities and will be sold at an auction on July 8.

The bank said it would sell N25.40bn worth of the 91-day paper and N25bn of the 182-day debt, using the Dutch Auction System.

The results of the auction are expected to be published on Thursday.
The Debt Management Office had said that the Federal Government would borrow between N180bn and N240bn through the sale of government bonds in the third quarter.

According to the DMO, the amount will be borrowed through the issuance of five and 20-year bonds
The CBN had also said it would borrow about N872.96bn ($4.4b) in new Treasury bills issues between June 18 and September 3.

Data released by the central bank 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 raised in the second quarter of the year.

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.