The Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), has offered N500 billion worth of Treasury Bills (NTBs) in the final auction for the third quarter of 2026.
The auction is scheduled for Wednesday, September 23, with the bills spread across three maturities.
The offer comprises N100 billion for the 91-day bill, N100 billion for the 182-day bill and N300 billion for the 364-day bill, according to the auction notice obtained by Nairametrics.
Money market dealers are required to submit bids through the CBN’s S4 Web Interface between 8:00 a.m. and 11:00 a.m. on September 23.
Successful bidders will receive allotment letters on Thursday, September 24, and payment for successful bids must reach their CBN accounts by 11:00 a.m. the same day.
Each bid must be in multiples of N1,000, with a minimum bid of N50.001 million. Dealers may submit multiple bids and bid on behalf of themselves, other dealers or members of the public.
N5.8trn Q3 programme
The auction brings the CBN’s Q3 2026 NTB issuance programme to a close.
The programme targeted N5.8 trillion in gross Treasury Bills issuance between July and September, comprising N900 billion in 91-day bills, N900 billion in 182-day bills and N4 trillion in 364-day bills.
About N2.64 trillion of Treasury Bills were scheduled to mature during the quarter, implying estimated net new borrowing of about N3.16 trillion.
The latest offer is lower than the N700 billion that featured in several earlier Q3 auctions.
Yields continue to fall
The final Q3 auction comes amid a continued decline in Treasury Bill yields.
The yield on the 364-day bill fell from 17.59% on August 12 to 17.15% on August 26, 16.84% on September 2 and 16.62% on September 9.
At the September 2 auction, the CBN sold N865.71 billion against N700 billion offered, while the September 9 auction saw N1.054 trillion sold against an offer of N750 billion.
The two September auctions have therefore generated about N1.92 trillion, before the latest N500 billion offer.
If the September 23 auction is fully subscribed and sold at the offered amount, Treasury Bills raised in September would rise to about N2.42 trillion.
The auction also coincides with the CBN’s Monetary Policy Committee meeting scheduled for September 21–22, 2026, with the Monetary Policy Rate currently at 26.5%.
