Nigeria to raise 167.5 bln naira in treasury bills

LAGOS, April 12 (Reuters) – Nigeria plans to raise 167.51 billion naira ($843.67 million) in treasury bills with maturities ranging between 3-month and 1-year on April 20, the central bank said on Tuesday.

The bank aims to raise 36.78 billion naira in the 3-month paper, 35 billion naira in the 6-month note and 95.73 billion naira in the 1-year debt, using the Dutch auction system.

Nigeria issues short-dated debt to mop-up excess liquidity in the banking system to curb rising inflation, finance a portion of the budget deficit and help commercial lenders manage their liquidity.

($1 = 198.55 naira) (Reporting by Oludare Mayowa; Editing by Alison Williams)