First City Monument Bank (FCMB) has announced plans to raise N20billion in commercial paper issuance as part of its N100 billion CP programme.
The bank in a notice to the Nigerian Stock Exchange said the CP has a tenor of 269 days and would support its hort-term funding needs.
A Commercial Paper is an unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts payable, inventories and meeting short-term liabilities.
The bank joins the growing list of corporates taking advantage of the low-interest rate to raise cheaper short- term debt.
