CBN set to sell Treasury Bills worth N1.64 trillion between March, May

The Central Bank of Nigeria has said it will sell Treasury Bills worth N1.64 trillion in the second quarter 2024, Q2’24.

This is contained in the apex bank’s Nigeria Treasury Bills Issue programme released on Friday, March 1.

Treasury Bills are short term (less than one year) debt instruments used by the CBN o 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 will commence on March 7th, and ends on May 23rd, 2024.

During the period, the apex bank will issue TBs worth N414.29 billion on 91 days tenor, N43.74 billion on 182 days and N1.18 trillion on 364 days.

A breakdown of the programme revealed that in March, the apex bank plans to sell N660.62 billion worth of TBs, comprising N32.73 billion worth of 91 days bills, N12.97  billion worth of 182 days bills and N614.92 billion worth of 364 bills.

In April, the apex bank plans to sell N292.17 billion worth of TBs, comprising N10.61 billion worth of 91 days bills, N15.97 billion worth of 182 days bills, and N265.59 billion worth of 364 days bills.

In May, the CBN plans to sell N688.3 billion worth of TBs comprising N362.9  billion worth of 91 days bills, N14.7 billion worth of 182 days bills and N302.67 billion worth of 384 days bills.

Treasury bills or T-Bills are short-term debt securities issued by the government to make up for budget deficit and fund projects.

Vanguard