Nigeria to auction 138bn naira in treasury bills

LAGOS: Nigeria plans to sell 138.16 billion naira ($454.47 million) in short-dated treasury bills at an auction next Wednesday, the central bank said on Tuesday.

In a public notice, the bank said it would raise 36.78 billion naira in three-month papers, 35 billion naira in six-month bills and 66.38 billion naira in one-year bills. Payment for the purchases would be made on Thursday.

Nigeria issues treasury bills to raise cash to fund the budget deficit, manage banking system liquidity and curb rising inflation.