Central Bank of Nigeria To Raise Over $1bn in Treasury Bills
The Central Bank of Nigeria (CBN) says it plans to raise N218.89 billion (about $1.10 billion) in treasury bills on April 7, 2016.
A statement by the CBN on Wednesday in Abuja said that it would sell N55.40 billion of three-month and N33.49 billion of six-month bills and N130 billion naira of one-year debt through the Dutch auction system. It added that the results of the auction would be released on Thursday. Following the dwindling revenue from the sale of crude oil, the Nigerian government has resorted to a borrowing programme to finance the government budget deficit.
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