The Central Bank of  Nigeria, CBN, said it will sell N1.2 trillion worth of Treasury Bills (TBs) in the third quarter of 2022 (Q3’22).

The apex bank disclosed this today in its Nigeria Treasury Bills Issue Programme for Q3’22.

TBs are short term debt instruments used by CBN to borrow money from the public on behalf of the federal government. The apex bank also uses TBs to control money supply in the economy.

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The TBs would be issued in tranches with the first tranche rolled out on June 2, 2022, while the last tranche is scheduled for August 25, 2022.

During the period, the apex bank will issue TBs worth N33.4 billion on 91 days tenor, N22.9 billion on 182 days and N1.17 trillion on 364 days.

A breakdown of the programme revealed that in June, the apex bank plans to sell N376.05 billion worth of TBs, comprising N22 billion worth of 91 days bills, N4.05 billion worth of 182 days bills, and N350 billion worth of 364 days bills.

In July, CBN plans to sell N407.48 billion worth of TBs comprising N6.7 billion worth of 91 days bills, N4.98 billion worth of 182 bills and N395.8 billion worth of 364 days bills.

In August, CBN plans to sell N446.12 billion worth of TBs comprising N4.57 billion worth of 91 days bills, N12.85 billion worth of 182 bills and N428.7 billion worth of 364 days bills.