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Treasury bills (T.bills) are short-term sovereign debt securities maturing in 364 days or less. They are sold at a discount and redeemed at par (face value amount). These bills are by nature, the most liquid money market securities and are backed by the guarantee of the government of a sovereign nation. The Federal Government of Nigeria, through the Central Bank of Nigeria, issues Nigerian T.bills periodically to meet the government’s short-term funding needs. Nigerian T.bills are usually issued through a competitive bidding process, following which they are quoted and traded on relevant platforms on FMDQ Exchange.
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