CBN offers one-yr treasury bills above inflation rate

Image result for CBN offers yield rate above inflationThe Central Bank of Nigeria says it sold one-year treasury bill notes at 18.69%, above inflation rate of 17.78% for the second consecutive time in a bid to attract investors.

The CBN said it raised $25 million by issuing the one-year bills.

The Nigerian Government forecasts a budget deficit of $8 billion in 2017, half of which it aims to fund through domestic borrowing.

The country has been trying to keep costs down as it grapples with its first recession in 25 years amid galloping inflation.

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