Nigeria to issue $728.59 mln Treasury bill to help finance 2017 budget deficit

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    LAGOS, July 26 – Nigeria plans to issue 229.14 billion naira ($728.59 mln) in Treasury bills at an auction on Aug. 2, the central bank said on Wednesday.

    The bank said it will issue 29.14 billion naira in three-month bills, 80 billion in six-month paper and 120 billion in one-year bills.

    Nigeria’s central bank issues Treasury bills twice a month to help the government to finance its budget deficit, curb money supply growth and to help lenders manage their liquidity.

    The bill comes after the government disbursed budget allocation to its agencies, prompting the central bank to mop up excess liquidity.

    Nigeria released 652.2 billion naira late on Tuesday to its three tiers of government – federal, states and local – as their June budget disbursement. ($1 = 314.50 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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