August 23, 2017 / 10:18 AM / 4 months ago

Nigeria plans 193 bln naira Treasury bill sale next week

LAGOS, Aug 23 (Reuters) - Nigeria plans to raise 193.14 billion naira ($614 mln) worth of treasury bills at an auction on Aug. 30, the central bank said on Wednesday.

The bank will offer 26.14 billion naira in three-month paper, 62 billion in six-month bill and 105 billion in one-year paper. The auction result will be announced on the same day.

The central bank issues treasury bills twice a month to help the government finance its budget deficit, curb money supply growth and provide avenues for lenders to manage liquidity.

Nigeria is planning to refinance $3 billion worth of treasury bills denominated in the local currency with dollar borrowing to lower costs and improve its debt position, its finance minister has said.

$1 = 314.50 naira Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha; editing by John Stonestreet

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