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Nigeria plans to raise 134.5 bln naira in T-bills

26 June 2012, 15:45

 Lagos - Nigeria plans to raise N134.56 billion in treasury bills ranging from 3-month to 1-year maturities at its regular bi-monthly debt auction on Wednesday, the central bank said on Tuesday.

The bank said it will issue 21.84 billion naira in 91-day paper, 52.73 billion naira in 182-day bills and 60 billion in 364-day bills next week on June 28.

Nigeria, Africa's second biggest economy after South Africa, issues treasury bills regularly to reduce money supply, curb inflation and help lenders manage their liquidity.

Dealers said the release of May budget allocations to government agencies would spur demand for the paper, but yields are expected to be mixed.

- Reuters


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