With an eye towards international investors, the Central Bank of Nigeria has sold a record N1.3 trillion in Treasury Bills.

The goal of this is to boost the amount of foreign exchange (forex) coming into Nigeria and improve the value of the Naira.

Attractive interest rates are available on current Treasury Bills, providing investors with a safe and secure means of earning a return on their investment. The CBN wants to sell these T-Bills to international investors.

This would assist stabilise and possibly even decrease the exchange rate by bringing much-needed funds into the economy.

This would inject the much-needed dollars into the economy, which would help stabilise and potentially lower the exchange rate.

The Nation reported that investors submitted bids totaling N1.5 trillion, exceeding the N312.9 billion offered by the CBN. The apex bank reportedly awarded N1.3 trillion in T-Bills at an interest rate of 21.49 percent.

These funds will be used by the CBN to intervene in the forex market, buying dollars and selling Naira. This increased supply of dollars is expected to help bring the exchange rate down from its current high of around N1,600 to a dollar.

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