The Central Bank of Nigeria (CBN) said on Wednesday it plans to sell N183.65 billion ($1.16 billion) worth of Treasury Bills (T-Bills) with maturities ranging from three months to one year at its twice-monthly auction on April 10.
The bank said it will auction N20.16 billion in 91-day bills, N43.49 billion in 182-day notes and N120 billion in 364-day paper, using the Dutch auction system.
Yields on the short-dated debt went up in the last two auctions, as the government sought to attract more demand from investors.
Naira headed for the highest in almost four weeks as oil companies sold dollars before the central bank auctions U.S. currency. CBN offers foreign currency at auctions on Mondays and Wednesdays to maintain exchange-rate stability. There was no auction on April 1 because of a public holiday.
Naira rose 0.3 percent to N158.10 per dollar by 1:13 p.m. in Lagos, the commercial capital, the highest on a closing basis since March 8, according to data compiled by Bloomberg. Oil companies, which sell dollars to meet domestic expenses, are the second-biggest source of the currency after the Central Bank of Nigeria.
“The oil industry sold about $80 million yesterday and some sales are expected today.
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