Nigeria is set to sell 100.83 billion naira of treasury bills at an auction on Wednesday.

The central bank is offering 23.05 billion naira which will mature in three months, 23.43 billion naira to mature in six months and 54.35 billion naira that will be repaid in one year.

The apex bank issues treasury bills twice a month to help the government finance its budget deficit, curb money supply growth and provide an avenue for banks to manage the amount of money in circulation.

In another development, the CBN also announced on Tuesday that it has intervened again in the foreign exchange market.

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The bank said it had injected $195 million into the interbank foreign exchange market to meet demand for dollars as it continues its efforts to improve liquidity and reduce shortages.

In a statement, it said $100 million was offered to the wholesale market and it released $50 million for small and medium enterprises along with $45 million which was provided for such items as medical fees, tuition fees and business travel.

The bank maintained in the statement it was determined to achieve “rates convergence”, adding this was the reason for its “consistent intervention in the foreign exchange market.”

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