Nigeria plans 142 bln naira Treasury bill auction on Feb. 15

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LAGOS Feb 7 (Naija247news) – Nigeria plans to raise about 142.43 billion naira ($453.60 million) in short-dated Treasury bills at an auction on Feb. 15, the central bank said on Tuesday.

The bank said it would raise 32.43 billion naira in three-month debt, 30 billion in six-month bills and 80 billion in one-year notes, using a Dutch auction system. Payment will be due the day after the auction.

Nigeria issues Treasury bills to fund its budget deficit, manage banking system liquidity and curb rising inflation.

Last week, Nigeria raised a total of 302.4 billion naira in Treasury bills, more than the 242 billion planned due to strong demand for the one-year debt. The central bank at the auction offered a yield above its benchmark interest rate to lure investors in the face of galloping inflation.

Its annual inflation rate rose in December to 18.55 percent, its highest for more than 11 years and the eleventh straight monthly rise. ($1 = 314 naira)

 

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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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