Nigeria To Borrow 193 Billion Naira Next Week
If you want to make some dough investing in government securities?
The time is now.
By next week – August 30 specifically - the government, through the Central Bank of Nigeria, CBN will raise 193.14-billion-naira worth of treasury bills at an auction.
The bank will offer 26.14 billion naira in three-month paper, 62 billion in six-month bill and 105 billion in one-year paper. The auction result will be announced on the same day.
The apex bank issues treasury bills twice a month to help the government finance its budget deficit, curb money supply growth and provide avenues for lenders to manage liquidity.
Towards the end of last month, the CBN sold a total of 204.96 billion naira in 3-month, 6-month and one-year T-bills at an auction and paid 17.39% for the 6-month bill and 18.54% for the one-year paper.
The three-month bill on the other hand fetched 13.42%.
Also recall that last month, the Minister of Finance, Kemi Adeosun announced that the government is planning to refinance $3 billion worth of treasury bills denominated in the local currency with dollar borrowing to lower costs and improve its debt position.