Nigeria to sell N213 billon treasury bills

The Central Bank of Nigeria on Friday said the country plans to offer 212.85 billion naira ($675 million) in Treasury bills maturing between 91-days and 1-year on Aug. 31.

The bank said it will sell 45.85 billion naira worth of the 91-day bills, 62 billion naira of the 182-day paper and 105 billion naira of the 1-year debt.

Payment for the purchase will be effected on Thursday, the bank said in a public notice.

Nigeria issues treasury bills as part of a borrowing plan to finance part of the government budget deficit, help manage liquidity in the banking system and curb inflationary growth.

The country is going through its worst economic crisis for years due to a slump in crude prices which has weakened its naira currency and slashed government revenue.

Oil exports account for about 70 percent of national income. (TV360 Nigeria)

Source: News Express.

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