Nigeria to sell 77 billion naira in T-bills

Nigeria plans to auction 76.73 billion naira ($496 million) in 91-, 182- and 364-day treasury bills next Wednesday as part of measures to control money supply and curb inflation, the central bank said on Thursday.

The bank said it would auction 30 billion naira in 91-day bills and 46.73 billion in 182-day bills, using the Dutch Auction System (DAS). The result is expected to be released the following day.

Nigeria issues treasury bills regularly as part of monetary control measures to help bankss manage liquidity. “Each bid must be in multiples of 1,000 naira subject to a minimum of 10,000,” the central bank said in a public notice.