Nigeria to raise 219 billion naira in Treasury bills

LAGOS: Nigeria plans to raise 218.89 billion naira ($1.10 billion) in short-dated treasury bills on April 7, the central bank said on Wednesday.

The bank said it will sell 55.40 billion naira of three-month and 33.49 billion naira of six-month bills and 130 billion naira of one-year debt, using the Dutch auction system.

The results of the auction are expected to be released on Thursday. According to the central bank's issuing calendar for treasury bills, the same amount of bills on offer will also be due for repayment the day of the auction.

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.