Nigeria to raise N192bn in T-bills

Nigeria plans to raise 192.39 billion naira ($967 million) in treasury bills with maturities between 3-month and 1-year at an auction on Feb. 3, the central bank said on Wednesday.

The bank said it will raise 45.17 billion naira in the 3-month paper, 30 billion naira in the 6-month debt and 117.22 billion naira in the one year bill, using the Dutch Auction System.

Nigeria, Africa’s top crude exporter, issues treasury bills twice a month to fund the budget deficit and help manage banking system liquidity.

Yields on treasury bills on Tuesday closed at 4.38 percent for the 91-day paper, 7.23 percent for the 6-month debt and 8.39 percent for the 1-year bills on the secondary market.