By Modupe Gbadeyanka
Treasury bills worth N917 billion would be sold in the fourth quarter of 2017, data from the Central Bank of Nigeria (CBN) has revealed.
The apex bank, on Wednesday, posted on its website ‘the Nigerian Treasury Bills Issue Programme for Fourth Quarter 2017’, where it said the above amount of bills would be sold at the treasury bills market in the period under review.
According to the CBN, 91-day treasury bills issue worth N209.9 billion would be sold in next quarter, while the 182-day bills valued at N197.9 billion would be issued during the period, and 364-day bills worth N509.4 billion would also be auctioned by the regulator next quarter.
Treasury bills are short-term debt instruments issued by the Federal Government through the Central Bank to provide short term funding for the government. They are sold at a discount and redeemed at par.
To buy treasury bills from the primary market, investors have to approach their banks requesting for a form.
Twice a month, the CBN issues treasury bills to help the government fund its budget deficit, support commercial lenders in managing liquidity and curb inflation.
However, in the month of November 2017, the central bank will issue the treasury bills three times, according to its calendar.
The first sale would hold on Thursday, November 2, while the second holds on Thursday, November 16, and the last takes place on Thursday, November 30, 2017.
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