A statement from the central bank said on Wednesday says Nigeria plans to issue 229.14 billion naira ($728.59 mln) in Treasury bills at an auction on 2nd August, 2017.

The bank said it will issue 29.14 billion naira in three-month bills, 80 billion in six-month paper and 120 billion in one-year bills.

Nigeria’s central bank issues Treasury bills twice a month to help the government to finance its budget deficit, curb money supply growth and to help lenders manage their liquidity.

The bill comes after the government disbursed budget allocation to its agencies, prompting the central bank to mop up excess liquidity.

Nigeria released 652.2 billion naira late on Tuesday to its three tiers of government – federal, states and local – as their June budget disbursement.

Currently, a dollar is equivalent to N314.50k ($1 = 314.50 naira)

Reuters