By Modupe Gbadeyanka
Central Bank of Nigeria (CBN) has disclosed that on Wednesday, August 16, 2017, it would sell N62.43 billion of treasury bills at an auction.
The money raised from the exercise next week would be used to finance the country’s budget deficit, curb money supply growth and provide an avenue for banks to manage liquidity.
According to Reuters, the Nigeria’s apex bank plans to offer N32.43 billion in three-month paper and N30 billion of a six-month bill.
However, results of the auction will be announced on the same day.
Twice a month, the central bank issues treasury bills.
Treasury Bills are short-term debt instruments issued by the Federal Government through the apex bank to provide short term funding for the government.
Adedapo Adesanya