Get Ready, Nigeria Wants To Borrow N62.4Bn Naira From You Next Week
Want to make some money by investing in government securities?
Get ready for next week.
The Federal Government plans to sell 62.43 billion naira of treasury bills at an auction next Wednesday.
The Central Bank said on Wednesday, that it plans to offer 32.43 billion naira in three-month paper and 30 billion naira of a six-month bill.
Results of the auction will be announced on the same day.
The Central Bank issues treasury bills twice a month to help the government to finance its budget deficit, curb money supply growth and provide an avenue for lenders to manage liquidity.
This is even as Nigeria’s foreign exchange reserves rises to more than a two-year high of $31.2 billion.
The foreign exchange reserves rose to more than $31.22 billion by August 8, according to Central Bank data on Wednesday.
The dollar reserves, which have been battered by lower oil prices, climbed back to a level they last reached in July 2015, shortly after President Mohammadu Buhari took office, the data showed.