Nigeria To Sell N126bn Treasury Bills

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Nigeria plans to auction 126.33 billion naira ($800.19
million) in treasury bills ranging from 3-month to 1-year maturities at its
regular monthly debt auction on May 23, the Central Bank said on Wednesday.

The bank said it would issue 30.65 billion naira in 91-day
paper, 45 billion naira in 182-day bills and 50 billion in 364-day bills next
week Wednesday.

Nigeria, Africa’s second biggest economy after South Africa,
issues treasury bills regularly to reduce money supply, curb inflation and help
lenders manage their liquidity. ($1 = 157.87 naira)

Meanwhile, Nigeria’s foreign exchange reserves rose to their
highest in 21-months to $37.02 billion by May 14, from $36.66 billion at the
end of last month, the latest figures from the central bank showed on
Wednesday.

Forex reserves in Africa’s biggest crude exporter stood at
$33.94 billion a year ago. The last time the reserves were at this level was in
August 2010.