Reuters reports the Central Bank Nigeria plans to raise N96.26 billion ($587 million) in treasury bills with maturities ranging between three months and one year on Oct. 23.
The bank said it will issue N34.88 billion in the 91-day paper, N30 billion in the 182-day note and N31.38 billion in the 1-year paper, using the Dutch Auction System. Treasury bills may look like a safe heaven for many who are fleeing the stock market because of the recent turmoil in the world markets. Many investors have reacted negatively to the fall in the price of oil with fears that it might affect the naira.
Treasury bill appears as one of the areas where people looking for safe investments can pack their money. It is also likely that treasury bill yields will drop slightly as many rush to it.