Nigeria to redeem 482 bln naira of T-bills in Q2 -calendar

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ABUJA, March 14 – Nigeria plans to repay 482 billion naira of treasury bills in the second quarter and will halve the amount it wants to raise between March and May to lower borrowing costs, according to its debt auction calendar seen by Reuters on Wednesday.

A total of 964 billion naira worth of bills fall due in the second quarter, of which the government plans to roll over 482 billion naira. News of those plans sent yields down 0.4 percent on the secondary market on Wednesday, traders said.

Nigeria sold a $2.5 billion Eurobond in February to help refinance naira-denominated treasury bills at a lower borrowing cost. The debt office said on Wednesday it would repay the bills in phases as they mature.

The 91-day bill shed 0.4 percent to 13.8 percent on Wednesday. (Reporting by Chijioke Ohuocha Editing by Catherine Evans)

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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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