May 12, 2017 / 10:24 AM / 7 months ago

Nigeria to auction 110 bln naira in treasury bill

LAGOS, May 12 (Reuters) - 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 Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha

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