The apex bank says it would raise N32.43 billion in three-month debt, 30 billion in six-month bills and 80 billion in one-year notes, using a Dutch auction system. Payment will be due the day after the auction.

Nigeria issues Treasury bills to fund its budget deficit, manage banking system liquidity and curb rising inflation.

Last week, Nigeria raised a total of N302.4 billion in Treasury bills, more than the 242 billion planned due to strong demand for the one-year debt.

The central bank at the auction offered a yield above its benchmark interest rate to lure investors in the face of galloping inflation.

Annual inflation rate rose in December to 18.55 per cent, the highest for more than 11 years and the eleventh straight monthly rise.

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The central bank sold N55.4 billion of three-month paper at 4 percent, up from 3.62 per cent in December last year.

Minister of Finance, Kemi Adeosun, says the federal government will soon go to the debt market to raise fund in order to finance its capital expenditure.

Adeosun added that the decision to borrow is being considered in light of the pressure confronting the economy as a result of plunging oil prices in the global crude market.

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