FG plans to raise 120 billion naira treasury bills to fund 2016 budget

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LAGOS Nov 8 (Reuters) – Nigeria plans to sell 119.92 billion naira ($376.22 million) in short-dated treasury bills at an auction on Nov 16, the central bank said on Tuesday.

A total of 32.43 billion naira will be sold in the three-month papers, 22.82 billion naira in six-month bills and 64.67 billion naira in one-year bills, the central bank said in a public notice. Payment for the purchases would be made on Thursday.

Nigeria issues treasury bills to fund the budget deficit, manage banking system liquidity and curb rising inflation. The country’s 2016 budget deficit was estimated at 2.2 trillion naira, of which around 900 billion naira is expected to come from local borrowing. ($1 = 318.7500 naira) (Reporting by Oludare Mayowa; Editing by Andrew Heavens)

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