Central Bank of Nigeria to borrow 952 billion naira in three months

The Central Bank of Nigeria is planning to borrow the sum of 952.04 billion naira with new issues of Treasury Bills, TB, from September 15th to December 1st, 2016.


In its latest TBs issuance calendar, the CBN said it would sell 264.47 billion naira worth of three-month bills, 204.88 billion naira of six-month bills and 482.69 billion naira of one-year bills.


The Federal Government is expected to borrow around 900 billion naira from the local market to bridge its budget deficit, which is estimated at 2.2 trillion naira in the 2016 budget.


According to the Debt Management Office, the Federal Government is also planning to borrow 120 billion naira in local-currency denominated bonds at an auction on September 14.