Nigeria plans to auction 154.9 billion naira ($962 mln) in treasury bils with maturities ranging from three months to one year at a twice monthly debt auction on July 26, the central bank said in a public notice.

The bank said it will sell 34.8 billion naira in 91-day paper and 60 billion naira each in 182-day and 364-day bills respectively in a Dutch, or reverse, auction.

Nigeria, Africa’s second biggest economy, sells short-dated debt instruments twice a month to control money supply, curb inflation and help lenders manage their liquidity.

($1 = 161.10 naira)

Source: Reuters (Reporting by Chijioke Ohuocha; Editing by John Stonestreet)