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CBN floats treasury bills of N952b

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Central Bank of Nigeria (CBN) is to raise N952.04 billion ($3.02 billion) for the country through the issuance of Treasury bills.

The exercise will hold from September 15 to December 1, 2016.

According to CBN it will sell 264.47 billion naira worth of three-month bills, 204.88 billion of six-month bills and 482.69 billion of one-year bills.

Nigeria is expected to borrow around N900 billion from the local market to bridge its budget deficit, which is estimated at N2.2 trillion in this year’s budget.

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The Nigerian government is also set to raise N120 billion at a bond auction on September 14, 2016.

According to the Debt Management Office, N40 billion each will be raised from debts maturing in 2021, 2026 and 2036, using the Dutch Auction System.

The Federal Government has estimated it will borrow around N900 billion from the local debt market this year to fund a budget deficit projected at N2.2 trillion.

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