DMO To Roll Over N1trillion Contrary To December

Central Bank of Nigeria (CBN) data has shown that the Debt Management Office (DMO) will roll over treasury bills worth N1 trillion in the first quarter of 2018.
This represents 85 per cent of the total bills that would mature in the first quarter.
This comes after the Debt Management Office redeemed N198 billion worth of treasury bills with proceeds from the $3 billion Eurobond issue.
In December, the DMO had said it would not roll over the treasury bills as part of its “overall debt management strategy of reducing debt service costs”.
“Other objectives of this strategy are to free up space in the domestic market for other borrowers and achieve a more sustainable debt portfolio mix of 60 per cent domestic and 40 per cent external,”
According to the CBN data, 91-day bills worth N87 million would mature by the end of the first quarter.
181-day bills worth N244 million and 364-day bills worth N933 million would also mature at the end of the same period.
More so, the document shows, 91-day bills worth N41 million will be rolled over while 181-day bills worth N190 million will also be rolled over.
And 364-day bills worth N848 million will also be rolled over.
Treasury bills are one of the debt instruments the federal government uses to raise funds.

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