LAGOS – Nigeria plans to auction 142.43 billion naira ($717 million) worth in treasury bills with maturities range between 3 months and 1 year at an auction on Feb. 17, the central bank said on Wednesday.
The bank said it will sell 32.43 billion naira in 3-month paper, 30 billion naira worth in the 6-month bill and 80 billion naira in the 1-year debt, using the Dutch Auction System, in which the price is lowered until the bond is bought.[pro_ad_display_adzone id=”70560″]
Nigeria issues treasury bills to help manage banking system liquidity and provide cash flow for government business. ($1 = 198.55 naira) (Reuters)