The Central Bank of Nigeria (CBN) will auction N110 billion ($350 million) worth of treasury bills on May 17.
The bank said on Friday that it plans to sell 32.43 billion naira of three-month debt, 22.82 billion naira of six-month bills and 55.68 billion naira of one-year notes, using a Dutch auction system. Settlement will be the day after.
The government issues treasury bills twice a month to finance its budget deficit, help lenders manage liquidity and control inflation.
The bank has increased the frequency of treasury bill sales recently to soak up excess liquidity, a move to curb pressure on the local naira currency. ($1 = 314.50 naira).