Nigeria to issue N918.4 bln Treasury bills in Q4 2020 ~CBN
Nigeria plans to raise a total of N918.44 billion through the sales of Treasury bills at its twice-monthly auction in the fourth quarter of the year, the Central bank of Nigeria (CBN) has said.
In its Treasury Bills issue programme for the fourth quarter, the regulatory banks said it will raise a total of N709.84 billion in the 1-year tenor treasury bills, N113.35 billion worth of the 6-month debt instruments and N95.25 billion of the 3-month debt in the fourth quarter of 2020.
Breakdown of the debt issuance programme announced by the CBN showed that a total of N286.79 billion would be issued across the three tenor treasury bill in September, comprising of N6.4 billion of 3-month, N22.38 billion of the 6-month and N258.01 billion of the 1-year paper.
The regulatory bank will issue N353.2 billion across the three tenor in October, consisting of N8.68 billion of the 3-month paper, N31.71 billion of the 6-month note and N272.81 billion of the 1-year paper.
READ THIS: CBN Slashes Interest Rate On SMEs Intervention Fund To 5%
The bank will sell N278.39 billion worth of Treasury bills in November, also comprising of N40.15 billion in the 3-month paper, N59.24 billion of the 6-month debt and N179 billion of the 1-year paper.
Nigeria sells treasury bills twice monthly as part of measures to raise cashback on behalf of the Debt Management Office (DMO) for government budget spending ahead of revenue accretion. The bank also issues the paper to help banks manage their liquidity and help.