Nigeria plans to raise 242 bln naira in treasury bills – Reuters


LAGOS Jan 24 (Reuters) – Nigeria plans to raise around 242 billion naira ($772 million) in short-dated treasury bills at an auction on Feb. 1, the central bank said on Tuesday.

The bank said it would raise 45.17 billion naira in three-month debt, 80 billion in six-month bills and 117.22 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.

Its annual inflation rate rose in December to 18.55 percent, its highest in more than 11 years and the eleventh straight monthly rise.

($1 = 314 naira) (Reporting by Oludare Mayowa; editing by John Stonestreet)