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FG to sell N129 bn in T-bills

Nigeria’s opaque external reserves drains confidence in FX reform

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The Central Bank of Nigeria (CBN) said, on Wednesday, that it plans to sell 129.17 billion naira ($730 mln) in treasury bills with maturities ranging from three months to one year at an auction on December 3.

The bank said it will sell 27.85 billion naira in the 3-month treasury bills; 30 billion nairas in the 6-month paper and 71.32 billion in the 1-year debt note, using the Dutch auction system.

READ ALSO: CBN removes restrictions on refinancing of non-member mortgage lenders by refinancing companies

The regulator hiked benchmark interest rates to 13 percent from 12 percent on Tuesday, a move that triggered an increase in yields across the secondary market on Wednesday.