The Federal Government has unveiled plans to borrow the sum of N952.04bn ($3.02bn) with new issues of Treasury Bills from September 15 to December 1, 2016.
In its latest TBs issuance calendar, the CBN said it would sell N264.47bn worth of threemonth bills, N204.88bn of sixmonth bills and N482.69bn of one-year bills.
The Federal Government is expected to borrow around N900bn from the local market to bridge its budget deficit, which is estimated at N2.2tn in the 2016 budget.
According to the Debt Management Office, the Federal Government is also planning to borrow N120bn ($387m) in localcurrency denominated bonds at an auction on September 14.
Similarly, the DMO said earlier that it would raise N40bn each from debt maturing in 2021, 2026 and 2036, using the Dutch auction system. All the bonds are re-openings of previously issued debt.
Furthermore, the apex bank will also borrow N1.77bn via Treasury Bills in the next three months of the year.
Meanwhile, in its fourth quarter Treasury Bills issue programme released on Monday stated that the CBN said would raise about N815.37bn, comprising 91 days, 182 days and 364 days debt instruments.
The nation’s overnight naira interbank lending rate had eased to 16 per cent on Thursday,m down from 20 per cent recorded the previous Friday.
This followed improved naira cash liquidity after the disbursal of July budgetary allocations to Federal Government agencies.
The Federal Government distributes revenues from crude exports and taxes among the three tiers of government every month.