Nigeria to raise 213.7 bln naira in Treasury bills on March 15

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LAGOS, March 8  – Nigeria plans to raise 213.75 billion naira ($681 million) from short-dated treasury bills at an auction on March 15, the central bank said on Wednesday.

It plans to raise 39 billion naira in three-month debt, 48.45 billion in six-month bills and 126.30 billion in one-year notes, using a Dutch auction system. Payment will be due the day after the auction.

Nigeria’s central bank issues treasury bills twice a month to finance the budget deficit, help manage commercial lenders’ liquidity and curb rising inflation.

Africa’s top crude producer expects its budget deficit to widen to 2.36 trillion naira this year as it tries to spend its way of out of recession with more than half of the deficit to be funded through local borrowing.

The West African country said on Tuesday it plans to sell 1.13 trillion naira worth of treasury bills in the second quarter of the year.

 

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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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