Nigeria plans 140 bln naira treasury bill sale next week

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Nigerian naira notes are seen in this picture illustration March 15, 2016. REUTERS/Afolabi Sotunde/Illustration/File Photo

LAGOS, Sept 13 – Nigeria plans to sell 140.9 billion naira ($433.5 million) worth of treasury bills at an auction next week, the central bank said on Wednesday.

The bank said it plans to offer 28.12 billion naira of three-month debt, 23.68 billion in six-month bills and 89 billion in one-year notes, using the Dutch auction system, on Sept 21. Settlement will be made next day after the auction.

The central bank issues treasury bills twice a month to help the government fund its budget deficit, support commercial lenders in managing liquidity and curb inflation.

Africa’s biggest economy has a series of debt issues lined up this year, including a 100 billion naira debut domestic sukuk it is marketing to fund infrastructure projects.

$1 = 325.0000 naira Reporting by Chijioke Ohuocha; Editing by Ken Ferris(Reuters)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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