Central Bank of Nigeria Sells Record Amount of Treasury Bills to Boost Foreign Investment

The Central Bank of Nigeria sold a lot of Treasury Bills, about N1.3 trillion, to attract investors from other countries. They want to bring more foreign money into Nigeria and make the Naira stronger.

Treasury Bills are a safe way for people to save money and make some extra cash. Right now, they offer pretty good interest rates. The Central Bank hopes that by offering these bills, they can get foreigners to invest in them.

This move should bring in more dollars into the economy, which will help to steady and maybe even lower the exchange rate.

According to The Nation, investors wanted to buy even more Treasury Bills than the Central Bank had to offer. They bid for N1.5 trillion, way more than the N312.9 billion the Central Bank had available. The Central Bank ended up selling N1.3 trillion worth of Treasury Bills at an interest rate of 21.49 percent.

The money from selling these bills will be used by the Central Bank to buy dollars and sell Naira. By doing this, there should be more dollars available, and that could help to bring down the exchange rate, which is currently very high, at around N1,600 to a dollar.