LAGOS Feb 7 Nigeria plans to raise about 142.43
billion naira ($453.60 million) in short-dated Treasury bills at
an auction on Feb. 15, the central bank said on Tuesday.
The bank said it would raise 32.43 billion naira in
three-month debt, 30 billion in six-month bills and 80 billion
in one-year notes, using a Dutch auction system. Payment will be
due the day after the auction.
Nigeria issues Treasury bills to fund its budget deficit,
manage banking system liquidity and curb rising inflation.
Last week, Nigeria raised a total of 302.4 billion naira in
Treasury bills, more than the 242 billion planned due to strong
demand for the one-year debt. The central bank at the auction
offered a yield above its benchmark interest rate to lure
investors in the face of galloping inflation.
Its annual inflation rate rose in December to 18.55 percent,
its highest for more than 11 years and the eleventh straight
($1 = 314 naira)
(Reporting by Oludare Mayowa; Editing by Louise Ireland)