FELIX OLOYEDE |
The Federal Government has concluded plans to raise about N872.96 billion in a new Treasury bills issue between June 18 to September 3, 2015.
The Central Bank of Nigeria (CBN) stated that it will auction N215.12 billion worth of the 3-month paper, N238.5 billion in the 6-month debt and 419.34 billion worth in the 1-year paper.
The amount the government is planning to borrow in the third quarter of 2015 is 12.3 per cent lower than the N995.5 billion raised in the second quarter of the year.
The Federal and state Governments presently has a debt burden of N12.06 trillion with their external debt stock standing at N 1.86 trillion as at March 2015, the Debt Management Office data shows.
The government at the centre owing its domestic creditors N8.51 trillion, while the state governments have a domestic debt of N 1.69 trillion.
Meanwhile, the naira traded N221/$1 at the parallel market and N199.07 at the interbank market yesterday.
The nation’s currency exchanged N219 against the dollar at the parallel market on Friday but lost N2 on the first working day of the week.
The President, Association of Bureau de Change of Nigeria (ABCON), Alhaji Aminu Gwadabe attributed the slide in the naira to failure of banks to meet the forex demands.
He said increased import activities also contributed to the weakening of the naira. Another dealer to Hallmark that he believes when President Mohammedu Buhari eventually name his cabinet and the economic focus of his
administration is known, the country’s currency may appreciate.