By Agency reporter   Tuesday, 28 Sep 2010

Nigeria plans to raise N127bn ($843.8m) treasury bills next week, the Central Bank of Nigeria said, has.

 

Reuters reported from Lagos that the regulator said it would issue N31.57bn in 91-day bills, N45bn in 182-day bills and N50bn in one year paper using the Dutch Auction System.

 

The results of the auction would be released the following day, the bank said.

 

Bond dealers said they expected a significant rise in yields in line with last week‘s increase in the benchmark interest rate to 6.25 per cent from 6.0 per cent.

 

Nigeria, the sub-Saharan Africa‘s second biggest economy, issues treasury bills regularly as part of its monetary control measures to curb inflationary growth and help banks manage their liquidity.

 

Source: The Punch