The Central Bank of Nigeria, CBN, has said it would sale Treasury Bills, TBs, worth N1.56 trillion treasury bills in the third quarter of 2024 (Q3’24).
This represents a 4.9 percent quarter -on-quarter (QoQ) decline when compared with N1.64 trillion sold in the Q2’24.
CBN disclosed this in its Nigeria Treasury Bills Issue programme.
Treasury Bills are short term (less than one year) debt instruments used by the CBN to borrow money from the public on behalf of the federal government. The CBN also uses TBs to control money supply in the economy.
The TB issue programme commences on June 6th, and ends on August 22nd, 2024.
During the period, the apex bank will issue TBs worth N170.86 billion on 91 days tenor, N189.36 billion on 182 days and N1.2 trillion on 364 days.
A breakdown of the programme revealed that in June, the apex bank plans to sell N494.1 billion worth of TBs, comprising N49.98 billion worth of 91 days bills, N63.87 billion worth of 182 days bills and N380.25 billion worth of 364 bills.
In July, the apex bank plans to sell N444.08 billion worth of TBs, comprising N43.61 billion worth of 91 days bills, N7.93 billion worth of 182 days bills, and N392.54 billion worth of 364 days bills.
In August, the CBN plans to sell N626.12 billion worth of TBs comprising N77.28 billion worth of 91 days bills, N117.6 billion worth of 182 days bills and N431.24 billion worth of 384 days bills.
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