CBN to issue N1trn in T-Bills

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Story by Kayode Tokede

The Central Bank of Nigeria (CBN) has outlined Treasury Bills (T-Bills) worth N1 trillion issuance between October and November.

This is according to a treasury bills issue programme released by the apex bank.

Usually, the bank sells treasury bills twice to investors twice a week and acquired through a competitive bidding process.

The CBN also gives treasury bills to banks so as to mop up excess liquidity and control money supply.

According to the document, “The CBN plans to raise N91.6 billion in the 91-day maturity period treasury bills.

“In the 182-day maturity period treasury bills, the CBN says it will raise N90.2 billion and another N821.8 billion for the 364 days maturity period bills,”

Investors are paid interests upfront whenever they are investing in treasury bills.

At its last treasury bills auction, the CBN offered N400 billion across the 90-day, 182-day and 364-day instruments.

It sold treasury bills worth N222.1 billion at 11.6%, 11.8% and 13.5% interest rates.

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