Nigeria to auction 111 billion naira of treasury bills
Category: Money Market
Wednesday November 16, 2011 1:10pm
Nigeria said on Wednesday it will auction treasury bills worth 110.85 billion naira ($696.29 million) at its regular debt auction next week, the central bank said.
The regulator said it will sell 29.64 billion naira in 91-day paper, 40.68 billion naira in 182-day treasury bills and 40.53 billion naira in 364-day bills next Wednesday, using the Dutch auction system.
"The bank reserves the right to vary the amount on offer in line with market realities prevailing as at the period of auction," the bank said in a public notice.
Nigeria, Africa's second biggest economy after South Africa, issues treasury bills regularly as part of measures to reduce money supply, curb inflation and help lenders manage their liquidity.