The Central Bank of Nigeria has announced its plan to sell N1.64 trillion worth of Treasury Bills in the second quarter of 2024, according to the Nigeria Treasury Bills Issue programme released on Friday.
Starting from March 7th and running until May 23rd, the apex bank will issue Treasury Bills totaling N414.29 billion for a 91-day tenor, N43.74 billion for a 182-day tenor, and N1.18 trillion for a 364-day tenor.
Breaking down the programme, the Central Bank intends to sell N660.62 billion worth of Treasury Bills in March alone. This includes N32.73 billion for 91-day bills, N12.97 billion for 182-day bills, and N614.92 billion for 364-day bills.
In April, the plan is to sell N292.17 billion worth of Treasury Bills, with N10.61 billion for 91-day bills, N15.97 billion for 182-day bills, and N265.59 billion for 364-day bills.
Moving into May, the CBN aims to sell N688.3 billion worth of Treasury Bills, with N362.9 billion for 91-day bills, N14.7 billion for 182-day bills, and N302.67 billion for 384-day bills.
Treasury Bills are short-term debt instruments used by the Central Bank of Nigeria to borrow money from the public on behalf of the federal government. This move comes as Nigeria faces a N9 trillion deficit in its 2024 budget of N28.7 trillion.
Stay tuned for more updates on Nigeria’s financial landscape.
