Nigeria to raise $614 mln Treasury bill sale next week

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By Anene Peters
LAGOS, Aug 23 – Nigeria plans to raise 193.14 billion naira ($614 mln) worth of treasury bills at an auction on Aug. 30, the central bank said on Wednesday.

The bank will offer 26.14 billion naira in three-month paper, 62 billion in six-month bill and 105 billion in one-year paper. The auction result will be announced on the same day.

The central bank issues treasury bills twice a month to help the government finance its budget deficit, curb money supply growth and provide avenues for lenders to manage liquidity.

Nigeria is planning to refinance $3 billion worth of treasury bills denominated in the local currency with dollar borrowing to lower costs and improve its debt position, its finance minister has said.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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