CBN To Raise N155 Billion In Treasury Bills

The Central Bank of Nigeria (CBN), on Wednesday said it plans to raise N 155.39 billion ($780 million) in Treasury bills with maturities of three months to one year on Dec. 16.

The apex bank said it will issue N20 billion worth of three-month paper, N25 billion of six-month paper and N110.39 billion in one-year bills, using the Dutch Auction System.

Traders said the debt is expected to be oversubscribed with yields likely to drop further from the last auction of short-dated paper at the auction next week, in tandem with the prevailing trend in the secondary market.