The Federal Government has reduced the Nigerian Treasury bills issued and allotted by N1.27bn in June this year to N1.65tn from N2.92tn in the same period of 2017.
This is according to a report by the Central Bank of Nigeria (CBN) which noted that it was part of the move to manage the country’s debt profile.
“The total NTBs issued and allotted was N1.65tn apiece, indicating a decrease of N1.27tn or 43.56 per cent below N2.92tn apiece in the corresponding period of 2017,” the report noted.
“The decrease was in line with Nigeria’s medium-term debt management strategy, attributable to reduced volume of NTB issues and the redemption of NTBs worth N638.90bn in favour of foreign issues.”
It added that “The range of successful bid rates in the corresponding period of 2017 were between 13.40 and 14.00 per cent for the 91-day, 17.14 and 17.50 per cent for the 182-day and between 18.45 and 18.98 per cent for the 364-day tenors.”