The Central Bank Nigeria, CBN, plans to raise around 242 bn naira ($772 million) in short-dated treasury bill s at an auction on Feb. 1 2017, it said on Tuesday, January 27.
The apex bank said it would raise 45.17 bn naira in three-month debt, 80 billion in six-month bills and 117.22 billion in one-year notes, using a Dutch auction system. Payment will be due the day after the auction.
Nigeria issues treasury bills to fund its budget deficit, manage banking system liquidity and stem the rising inflation.
Its annual inflation rate soraed in December to 18.55 percent, its highest in more than 11 years and the eleventh straight monthly rise