CBN to sell N62.4 billion in Treasury bills next week
[dropcap]T[/dropcap]he federal government will at an auction next Wednesday, sell N62.43 billion naira ($171 mln) of treasury bills, according to the central bank.
The bank plans to offer N32.43 billion naira in three-month paper and 30 billion naira of a six-month bill. Results of the auction will be announced on the same day.
The central bank issues treasury bills twice a month to help the government finance its budget deficit, curb money supply growth and provide an avenue for lenders to manage liquidity.
Treasury bills (TBs) are short term (less than one year) debt instruments used by the CBN to borrow from the public on behalf of the federal government. The CBN also uses TBs to control money supply in the economy.