Nigeria To Raise 1.22trillion Naira T-Bills In First Quarter Of 2016

The Federal Government of Nigeria has announced plans to
raise 1.22 trillion Naira from treasury bills in the first
quarter of 2016.
The Central Bank said it would auction 245.77 billion Naira
worth of 91-day bills and 238.51 billion naira worth of 182-
day paper between December 17, 2015 and March 3, 2016.
It will raise 735.54 billion Naira worth of 364-day treasury
bills in the same first quarter of 2016.
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 Apex Bank slashed its benchmark interest rate to 11 per
cent from 13 per cent in November.