June 17, 2024

Why Nigerian govt issued N8trn treasury bills – Finance Minister, Edun

Minister of Finance, Wale Edun, has said that the Nigerian Government issued N8 trillion in government security, known as treasury bills, to stabilize and boost the economy.

He disclosed this in an interview with journalists on Thursday during the International Monetary Fund, IMF/World Bank spring meetings in Washington D.C., United States of America.

He noted that the fiscal authority and the Central Bank of Nigeria, CBN, have collaborated to attract foreign investment through securities issuance.

“A large part of the securities that have been sold, the dollars come, and they get naira in exchange and use it to invest in securities,” Edun explained.

“Out of N8 trillion that has roughly been issued in securities by the CBN and ministry of finance, the majority has come from treasury bills, treasury certificates.

“It is showing the complementarity of the CBN, signalling by the fiscal authorities rising to the challenge of providing enough merchandise for foreigners to bring their dollars and invest in naira securities,” he stated.

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