The Central Bank of Nigeria (CBN) on Tuesday said the Federal Government have concluded plans to issue N101.21 billion in treasury bills ranging from 3-month to 6-month maturities at its regular bi-monthly debt auction on Thursday.
The bank said it will issue N37.48 billion in 91-day paper and N63.73 billion in 182-day bills on Sept. 20.
Dealers said the bills are likely to be oversubscribed because of fresh injections of oil money into government budgetary allocations for August last week, and increased offshore interest in the local debt.
Offshore investors are positioning themselves to buy sovereign debt from Nigeria ahead of next month’s inclusion of the country’s bonds in JP Morgan’s emerging market government bond index.
Nigeria issues treasury bills regularly to reduce money supply, curb inflation and help lenders manage their liquidity.
