Nigeria to auction N142b Treasury bills

Please follow and like us:

  • 368
  • Share

• Eyes 7% GDP growth

Nigeria plans to raise about N142.43 billion  ($453.60 million) in short-dated Treasury bills at an auction on Feb. 15, the Central Bank of Nigeria (CBN) said in a statement yesterday.

The bank said it would raise N32.43 billion in three-month debt, N30 billion in six-month bills and N80 billion in one-year notes, using a Dutch auction system. Payment will be due the day after the auction.

The country is targeting economic growth of at least seven per cent by 2020, the Ministry of Budget and National Planning said yesterday, as the government seeks to lift the country out of its first recession in 25 years.

READ ALSO:  Banks must settle customers’ complaints within two weeks –CBN

The target for gross domestic product (GDP) growth is part of a medium-term economic recovery plan, it said in a statement.

“Our goal is to have an economy with low inflation, stable exchange rates, and a diversified and inclusive growth,” Minister of Budget and National Planning Udoma Udo Udoma said in the statement.

The country issues Treasury bills to fund its budget deficit, manage banking system liquidity and curb rising inflation.

Last week, Nigeria raised a total of N302.4 billion naira in Treasury bills, more than the N242 billion planned due to strong demand for the one-year debt. The CBN at the auction offered a yield above its benchmark interest rate to lure investors in the face of galloping inflation.

READ ALSO:  GE, Marinus Energy to build waste gas-to-power plant in Ghana
Source: The Nation
Facebook Comments

Please follow and like us:

  • 368
  • Share

Leave a Reply

Your email address will not be published. Required fields are marked *