Nigeria plans to auction 110 billion naira ($350 million) of treasury bills on May 17, the central bank said on Friday. The bank plans to sell 32.43 billion naira of three-month debt, 22.82 billion naira of six-month bills and 55.68 billion naira of one-year notes, using a Dutch auction system. Settlement will be the day after.
The government issues treasury bills twice a month to finance its budget deficit, help lenders manage liquidity and control inflation.
The bank has increased the frequency of treasury bill sales recently to soak up excess liquidity, a move to curb pressure on the local naira currency. ($1 = 314.50 naira)