Nigeria’s central bank to auction N62bn treasury bills next week

Nigeria’s central bank on Wednesday said it plans to sell 62.43 billion naira ($171 mln) of treasury bills at an auction next Wednesday, 16 August 2017.

The bank says it plans to offer N32.43 billion in three-month paper and N30 billion on a six-month bill. Results of the auction will be announced the same day, while allotment letters would be issued for successful bids on Thursday, 17 August 2017.

The bank, in a statement, said all money market dealers should submit bids through the CBN S4 WEB INTERFACE between 9:00 am and 11:00 am next Wednesday, 16 August.

The CBN says each bid must be in multiple of N1,000 subject to a minimum of N50,001,000 and authorized money market dealers are to submit multiple bids.

Treasury bills are short term debt instruments used to provide short-term funding for the government and control money supply in the economy.