Stabilizing and boosting the economy were cited as the primary reasons by Minister of Finance, Wale Edun, for the Nigerian Government’s issuance of N8 trillion in government securities, also known as treasury bills.
During the International Monetary Fund, IMF/World Bank spring meetings in Washington D.C., United States of America, Edun revealed this information to journalists on Thursday.
Highlighting the collaboration between the fiscal authority and the Central Bank of Nigeria, CBN, Edun emphasized their efforts to attract foreign investment through the issuance of securities.
Explaining the process, Edun stated, “A significant portion of the securities sold results in inflow of dollars, which are then exchanged for naira to be invested in securities.”
Edun further elaborated, “Out of the N8 trillion worth of securities issued by the CBN and the Ministry of Finance, treasury bills and treasury certificates account for the majority.”
He emphasized, “The extensive issuance of treasury bills signifies the collaboration between the CBN and the fiscal authorities in meeting the demand for foreign investors to bring their dollars and invest in naira securities.”