The Central Bank of Nigeria (CBN) today announced plans to sell N195.96 billion in treasury bills at an auction on January 19.
The bank said it would sell N36.78 billion in three-month debt, N39.17 billion in six-month bills and N120 billion in one-year notes, using a Dutch auction system.
Payment will be due the day after the auction.
The country issues treasury bills to fund its budget deficit, manage banking system liquidity and curb rising inflation.
However, the Naira remained range-bound at the interbank market to settle at N305, largely due to continued intervention sales by the CBN.
It however appreciated by +0.83per cent and 0..60per cent against the Pound and the Euro to berth at N379.44 and N329.88 respectively..
At the parallel market, the local currency closed flat against the Dollar and the Euro to close at N490 and N510 levels while it appreciated by 1.3per cent against the Pound to close at N592.
Recall that Finance experts had predicted persistence pressure on naira.