CBN Auctions N260b Treasury Bills at Primary Market Tomorrow
By Dipo Olowookere
The Central Bank of Nigeria (CBN) will on Wednesday offer treasury bills worth N259.976 billion to investors at the primary market.
According to the Nigerian treasury bills issue programme for first quarter of 2018 released by the apex bank, N7.892 billion worth of the 91-day bill would be auctioned to traders tomorrow.
In addition, N30 billion of the 182-day instrument would be offered for sale, while N222.084 billion worth of the 364-day bill would be sold on Wednesday.
Like in the past primary market auctions in the past this year, Business Post expects the rates to further decline.
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.
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.
To buy treasury bills from the primary market, investors have to approach their banks requesting for a form.