FG to raise N119.9bn in T-bills

The federal government plans to raise 119.92 billion naira ($602.98 million)worth of local currency denominated treasury bills with maturities range of 3-month and 1-year on Nov. 18, the central bank said on Wednesday.

The bank said it will issue 32.43 billion naira worth in the 3-month paper, 22.82 billion naira in the 6-month paper and 64.67 billion naira in the 1-year bill, using the Dutch Auction System.

Yields on the short-dated debt have plunged recently due to surging liquidity in the banking system.

The 3-month bills closed at 2.62 percent at the secondary market on Tuesday, 6-month traded at 3.69 percent while the 1-year closed at 4.46 percent.