Nigeria to Raise ₦1.2Tr T-bills in Q1 2016

Nigeria's plans to raise 1.22 trillion naira ($6.13 billion) from treasury bills in the first quarter of 2016, the central bank said on Friday.

Reuters reports that CBN said it would auction 245.77 billion naira worth of 91-day bills and 238.51 billion naira worth of 182-day paper between Dec. 17 this year and March 3, 2016.

It will raise 735.54 billion naira worth of 364-day treasury bills in the same first quarter of next year.

Nigeria, Africa's biggest economy, issues treasury bills regularly as part of monetary control measures to help lenders manage their liquidity and fund government revenue shortfalls.

Yields on local denominated debt have plummeted since the central bank slashed its benchmark interest rate to 11 percent from 13 percent last month.