By Agency reporter

Friday, 19 Nov 2010

The Central Bank of Nigeria said on Thursday that it planned to auction N125.45bn in 91-day, 182-day and 364-day treasury bills next week.

According to a Reuters report, the apex bank said it would issue N30.45bn in 91-day bills, N45bn in 182-day bills and N50bn in 364-day bonds next Thursday, using the Dutch Auction System.

CBN said in a public notice that the result of the auction would be released the following day.

The CBN issues treasury bills regularly as part of monetary control measures to curb inflation and help banks manage their liquidity.

Africa‘s top energy producer on Monday released about N403bn from its central accounts to the three tiers of government – federal, state and local – as budgetary allocations for October.

Currency dealers said a portion of the disbursal might hit the system on Friday and could force down the cost of borrowing among commercial banks.

Source: Punch