Nigeria to raise N952.04bn worth T-bills

•Naira interbank spot rate settles at N314.35

The Federal Government through the Central Bank of Nigeria(CBN) will raise about N952.04 billion  ($3.02 billion) with new issues of Treasury bills from September 15 to December 1, the bank said on Wednesday in its latest issuance calendar.

The apex bank said it would sell N264.47 billion worth of three-month bills, N204.88 billion of six-month bills and N482.69 billion of one-year bills.

Nigeria is expected to borrow around N900 billion from the local market to bridge its budget deficit, which is estimated at N2.2 trillion in this year’s budget.

This is just as the Naira gained 0.18 per cent having exchanged for N314.35 to the dollar, as against N314.92 it exchanged on Tuesday.

At the parallel market, the Naira firmed by 0.47 percent to 423 against the Dollar, compared to the stability recorded on Monday and Tuesday, having exchanged for N425 to the United States dollar.

The local unit at the official window on Tuesday exchanged for N407.3843 and 340.8769 to one Pound Sterling and one Euro, respectively.

Currency dealers are optimistic that the local currency will recover soon as more dollars flow into the system following the licencing of more players into the foreign exchange market.

The Apex Bank reportedly readmitted the suspended banks into the Forex market, and also issued operating licenses to 11 international money transfer operators (IMTOs), some of which were earlier barred from forex transaction. “We laud the CBN’s decision to readmit the nine banks into the interbank market and also imagine that the reported US$327.00m inflow recorded during the week may encourage similar funds into the Nigerian market going forward,” dealers at Afrinvest West Africa said.