FG To Borrow N1.05trn In Q3 Of 2018

The Federal Government (FG) will borrow N1.05 trillion though the sales of treasury bills worth N1.05 to be auctioned to investors via the primary market in the third quarter of 2018.
The exercise is usually conducted by conducted by the Central Bank of Nigeria (CBN) on behalf of the Nigerian government.
In the calendar for the T-bills sale for Q3 2018 released this week, the apex bank would conduct two PMAs each month except in August, where three PMAs would be carried out.
A total of N44.9 billion of the 91-day bills would be sold to market players during the period under review, while N225.1 billion of the 182-day instrument would be auctioned.
Also during the period, N782.5 billion worth of the 364-day would be offered to investors by the apex bank.
Treasury bills are short-term debt instruments issued by the Federal Government through the Central Bank to provide short term funding for the government. They are sold at a discount and redeemed at par.
To buy treasury bills from the primary market, investors have to approach their banks requesting for a form.

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