Treasury bills worth N49.6 billion has been sold by the Central Bank of Nigeria (CBN) via the primary market.
This exercise is expected to partly offset the maturing treasury bills worth N192.01 billion today.
It is expected that the stop rates of these instruments to sold yesterday will rise.
A breakdown of the sales showed that the central bank will offer N4.96 billion worth of the 91-day bills, N24.80 billion worth of the 182-day instruments and N19.84 billion worth of the 364-day bills.
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.
Twice a month, the CBN issues treasury bills to help the government fund its budget deficit, support commercial lenders in managing liquidity and curb inflation.