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CBN Raises N40b From Treasury Bills

By Dipo Olowookere

About N40 billion have been raised from the sale of treasury bills by the Central Bank of Nigeria (CBN).

The apex bank noted that it sold N13.17 billion of three-month paper at 14 percent, the same yield as on December 14, and also N26.55 billion of six-month paper at an unchanged 17.5 percent.

According Reuters, the N39.72 billion treasury bill sale, with yields unchanged on the previous auction, was sparsely subscribed with total demand of N42.68 billion.

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CBN issues treasury bills regularly to help lenders manage their liquidity, curb rising inflation, and provide naira to help the government fund its budget.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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