Nigeria Business & Finance Updates

CBN to auction N795bn treasury bills in Q1 2020

treasury Bills

The Central Bank of Nigeria (CBN) will in the first quarter of 2020 issue treasury bills worth a total of N795.427 billion.

The debt instrument would be made up of 91-day, 182-day and 364-day bills.

The breakdown of the Nigerian Treasury Bills Programme for the first quarter of 2020 released yesterday, showed that the banking sector regulator would issue a total of N68.625 billion 91-day bills; N129.036 billion for the 182-day bills and N597.765 billion for the 364-day bills.

In all, a total of five treasury bills’ auctions would hold in the period under review.

Equally, treasury bills also valued at same amount would be maturing during the period under review.

The CBN had in October, completely prohibited individuals and local firms from investing in both its primary and secondary open market operations (OMO) auctions.

Since the directive, investing in OMO bills has been for banks and foreign investors alone.

President Muhammadu Buhari recently re-sent the 2016-2018 external borrowing plan to the National Assembly for consideration and approval.

The Federal Executive Council (FEC) had approved the financial plan in August 2016 and sent to the Eighth National Assembly in September 2016 for consideration but it rejected the request.

However, Buhari in a letter to the Senate President, Dr. Ahmad Lawan and House of Representatives Speaker, Hon. Femi Gbajabiamila, read at plenary of the two chambers, had sought the permission of the legislature to borrow the fund.

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