Nigeria’s Financial Markets Dealers Association (FMDA) will sell N225.5 billion (about US$1.7 billion) worth of treasury bills on Thursday, 26 September, 2013, sources said Monday.The FMDA provides a credible reference rate in the Nigerian money and capital markets.
According to the Central Bank of Nigeria (CBN) website, the bills would be sold through the Primary Market Auction (PMA) and the Open Market Operation (OMO).
It said that the bills would consist of 91-day bills worth N31.84 billion (about US$212 million); 182-day bills worth N59.08 billion (about US$400 million) and 364-day bills worth N33.78 billion (about US$224 million).
According to the CBN, the three bills are expected to yield rates of 11.62 percent, 11.15 percent and 13.05 percent respectively.
The apex bank also announced that the FMDA would sell a 183-day bill worth N100.82 billion (about US$606 million) with a yield of 12.50 percent at the open market operation.
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