CBN to sell N722bn TBs auction in Q3

By Kayode Tokede

The Central Bank of Nigeria (CBN) said it will sell N722 billion worth of Treasury Bills (TBs) in the third quarter of 2021 (Q3’21).

The apex bank disclosed this in its Nigeria Treasury Bills Issue Programme for Q3’21 released weekend.

TBs are short term debt instruments used by CBN to borrow money from the public on behalf of the Federal Government. The apex bank also uses TBs to control money supply in the economy.

The apex bank said that the TBs would be issued in tranches with the first tranche rolled out on June 3, 2021, while the last tranche is scheduled for August 28, 2021.

During the period, CBN will issue TBs worth N41.35 billion on 91 days tenor, N151.13 billion on 182 days and N529.68 billion on 364 days.

A breakdown of the programme revealed that in June, CBN plans to sell N106.1 billion worth of TBs, comprising N7.26 billion worth of 91 days bills, N9.52 billion worth of 182 days bills, and N89.32 billion worth of 364 days bills.

In July, CBN targets sale of N407.34 billion worth of TBs comprising N22.53 billion worth of 91 days bills, N92.84 billion worth of 182 bills and N291.97 billion worth of 364 days bills.

In August, CBN plans to sell N208.68 billion worth of TBs comprising N11.55 billion worth of 91 days bills, N48.76 billion worth of 182 bills and N148.37 billion worth of 364 days bills.