In continuance of the tight liquidity management stance, the Central Bank of Nigeria (CBN) plans to issue N917.7 billion of new treasury bills in the Primary Market Auction for the second quarter 2012.
The apex bank is also repaying N763.38 billion maturing obligations through the Open Market Operations (OMO) segment in the second quarter.
According to the Nigerian Treasury Bills (NTB) Issuance Programme for the second quarter, released by the CBN, the N917.7 billion worth of new bills would comprise of 182- and 364-day tenors, amounting to N220.05 billion, N386.3 billion and N311.4 billion respectively.
Also, breakdown of maturing bills show that 91-day bills accounted for N304.05 billion, 182-day bills N309.33 billion while the 366-day bills accounted for N150 billion in that other.
Review of the NTB operations in the fourth quarter of 2011 indicated that total sales in the fourth quarter was N1,416.12 billion, while the bid rates ranged from 11.00 to 20.69 per cent.
Maturities ranging from 6 to 356 days were used to mop up excess liquidity at the OMO.