The Federal government has announced plans to raise N100.62 billion ($616.60 million) worth of 91-day and 182-day Treasury bills at its regular bi-monthly debt auction on Wednesday, the Central Bank of Nigeria said on Monday.

The apex bank said it will issue N37.49 billion in 91-day paper and N63.13 billion worth in 182-day bills on Wednesday.

The federal government issues treasury bills regularly to reduce money supply, curb inflation and help lenders manage their liquidity.

Yields on the short-dated debt have continue to rise in the last three auction sessions due to concerns on rising inflation and the exiting of offshore investors from the local debt market.