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Nigeria to issue 172 bln naira in treasury bills

By on July 31, 2013

Nigeria plans to sell 172.05 billion naira ($1.07 billion) worth of treasury bills with maturities of three months to one year at its regular auction on August 7, the central bank said on Wednesday.

The bank said it will issue 22.05 billion naira in 91-day bills, 60 billion naira in 182-day paper and 90 billion naira in the 1-year note, using the Dutch auction system.

Nigeria, Africa’s top energy producer, issues treasury bills regularly as part of money supply control measures.

Yields on short dated debt have edged higher in the secondary market since last week, when the central bank hiked the cash reserve requirement for public sector deposits to 50 percent, from 12 percent previously, in a bid to support the local currency.


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