Nigeria to Issue ₦142.4B in Treasury Bills

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.

Nigeria issues treasury bills to help manage banking system liquidity and provide cash flow for government business.