The Central Bank of Nigeria (CBN) is planning to raise N129.67 billion ($403.01 million) in short-dated treasury bills at an auction on Wednesday.
The bank said it would raise N28 billion in three-month paper, N33.49 billion in six-month bills and N68.18 billion in one-year bills.
Payment for the purchases would be made on Thursday, the bank said in a public notice.
The CBN issues treasury bills to raise cash to fund the budget deficit, manage banking system liquidity and curb rising inflation.
The T-bills’ maturities range between three months and a year and would be raised today, according to the CBN.
T-bills are marketable short-term money market securities that serve the purpose of raising money for the government and help in monetary policy management of the CBN.
The CBN issues treasury bills to raise cash to fund the government budget deficit, help manage banking system liquidity and curb rising inflation.