CBN Auctions N34billion Treasury Bills, Wednesday

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The Central Bank of Nigeria, CBN, will on Wednesday, May 16, auction treasury bills worth N33.8 billion to investors via the primary market auction (PMA).

A breakdown of the anticipated exercise showed that the apex bank will offer N3.4 billion worth of the 91-day bill, N16.9 billion of the 182-day instrument, and N13.5 billion of the 364-day bill.

Treasury bills are short-term debt instruments issued by the Federal Government through the Central Bank to provide short term funding for the government. They are sold at a discount and redeemed at par.

Meanwhile, treasury bills worth N330.30 billion would be maturing this week and this is expected to bring ease into the financial system liquidity with resultant moderation in interbank rates if CBN does not aggressively mop up via OMO sales.

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