Nigeria to raise $2.5bln from treasury bills to address budget deficit

March 8, 2023

Central bank raised a combined 540.9 billion nairas in January and February 2023

Nigeria’s central bank plans to raise 1.13 trillion nairas ($2.46 billion) through treasury bills in the second quarter of 2023, Ripples Nigeria newspaper reported, citing official data.

The central bank raised 926 billion nairas in 2022.

The treasury bills have three tenors of 91 days, 182 days and 364 days, amounting to 23.67 billion nairas, 34.7 billion nairas, and 1.08 trillion nairas, respectively.

The central bank raised a combined 540.9 billion nairas through treasury bills for January and February 2023, up from 342.6 billion nairas during the same period in 2022.

Rates of treasury bills in the country have risen over the past few weeks, with the 91-day bills rising to 3%, 182-day bills to 3.24% and one-year bills to 9.9%.

T-bills are short-term debt instruments issued by the Nigerian government via the central bank to raise funds to finance government budget deficits.


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