Treasury bills are short-term sovereign debt securities maturing in one year or less. They are sold at a discount and redeemed at par. These bills are by nature, the most liquid money market securities and are backed by the guarantee of the Federal Government of a nation. The Federal Government of Nigeria, through the Central Bank of Nigeria, issues Nigerian Treasury Bills to provide short-term funding for government budget deficit. The treasury bills are usually issued through a competitive bidding process, quoted and traded on FMDQ’s platform.