The Central Bank of Nigeria (CBN) has announced plans to issue N70.65 billion ($445.18 million) in treasury bills ranging from 3-month to 6-month maturities.

The apex bank made the announcement on Wednesday, stating that the treasury bills will be issued at its regular bi-monthly debt auction next week, as part of measures to tighten liquidity.

The bank said it will issue N30.65 billion in 91-day bills and N40 billion in 182-day bills on August 23.

On behalf of the federal government, the CBN issues treasury bills regularly to reduce money supply, curb inflation and help lenders manage their liquidity.