Between April and June this year, the federal government will repay 482 billion naira it borrowed through treasury bill sales.

It also plans to reduce by half the amount it wants to raise between March and May to lower borrowing costs.

This is according to its debt auction calendar seen on Wednesday.

A total of 964-billion-naira worth of bills fall due in the second quarter, of which the government plans to roll over 482 billion naira.

Traders said news of those plans sent yields down 0.4% on the secondary market on Wednesday.

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In February, Nigeria sold a $2.5 billion Eurobond to help refinance naira-denominated treasury bills at a lower borrowing cost.

The debt office said on Wednesday it would repay the bills in phases as they mature. The 91-day bill shed 0.4% to 13.8%.

After feverish borrowing from foreign and domestic markets to finance budget deficits, the government is now looking for a way to moderate its borrowings.

Part of which include a shift to more external borrowings as against local debts.

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