Nigeria to auction 150 billion naira in Treasury bills
Thursday February 16, 2012
Nigeria's central bank said it would auction treasury bills worth 149.65 billion naira ($944.88 million) at its bi-monthly debt auction next week, it said on Thursday.
The central bank said it would sell 49.65 billion naira in 91-day paper and 50 billion naira each in 182-day treasury bills and 364-day bills next Wednesday, using the Dutch auction system. "Each bid must be in multiples of 1,000 naira subject to a minimum of 10,000," the central bank said in a public notice. Nigeria, Africa's biggest economy after South Africa, issues treasury bills regularly to reduce money supply, curb inflation and help lenders manage their liquidity.
Yields on the papers were generally lower at the last treasury bill auction because of a surge in demand from offshore interest in local debt.