CBN to sell Treasury bills worth N313bn

The Central Bank of Nigeria said on Thursday it will sell N313.88bn worth of treasury bills.
The CBN posted the information on the sale of the treasury bills for the second quarter of the year on its Website.
It said the bills would have 91-day, 182-day and one year tenor and would be re-opened at the regular debt auction.
The apex bank explained that the 91-day treasury bills would be worth N50.28bn, 182-day worth N33.27bn and the one year bills were worth N63.73bn
It also said it would sell new bills including 91-day Treasury bill worth N33.27 bn, 182-day bills worth N50.28bn and one year bills worth N83.05bn

CBN submits N930bn budget to National Assembly

The Central Bank of Nigeria on Wednesday submitted and defended its 2014 budget proposal before the House of Representatives Committee on Banking and Finance.
The News Agency of Nigeria reports that it is the first time the CBN would be doing so in the apex bank’s history.
The budget was presented to the house by Mr Suleiman Barau, Deputy Governor in charge of Corporate Services, who also defended the bank’s 2013 performance at the session.
Barau said that the CBN had projected N553bn as‎ expected income with a projected expenditure profile of N377bn for 2014.
Presenting its performance chart for its 2013, Barau said that the CBN overshot its 2013 expenditure by more than N326bn.
He said the bank projected N413bn as its expenditure for 2013 but ended up spending N739bn.
Barau told the committee that the bulk of the 2013 excess expenditure was spent on “liquidity management” of the country’s economy.
He said the bank earmarked N180bn for‎ liquidity management but ended up spending N536bn.
The Chairman of the‎ Committee on Banking and Currency, Rep. Jones Onyereri‎ (PDP- Imo), then requested for complete details of the bank’s staff nominal roll.
The CBN under its suspended governor, Malam Sanusi Lamido Sanusi, had a running battle with the Senate as he insisted on CBN’s independence based on the Banking and Other Financial Institutions Act and the CBN Act.