CBN To Raise N192 Billion In Treasury Bills

The Central Bank Of Nigeria (CBN), on Wednesday said it will raise N92.39 billion ($967 million) in treasury bills with maturities between 3-month and 1-year at an auction on Feb. 3.

The apex bank said it will raise 45.17 billion naira in the 3-month paper, 30 billion naira in the 6-month debt and 117.22 billion naira in the one year bill, using the Dutch Auction System.

On Tuesday, yields on treasury bills closed at 4.38 percent for the 91-day paper, and 7.23 percent for the 6-month debt and 8.39 percent for the 1-year bills on the secondary market.

The CBN had on Tuesday released its Monetary Policy Communique revealing that it was going to stick with 11% for Monetary Policy Rates (rates at which it lends money to banks), Cash reserve requirement (CRR) at 20% (amount of deposits banks cannot lend out) and liquidity ratio of 30%.

Reuters Originally reported this article