The Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), is set to offer N900 billion in Nigerian Treasury Bills (NTBs) at the first auction of the fourth quarter of 2026, with the one-year instrument accounting for the bulk of the offer.
The auction, scheduled for Wednesday, October 7, comprises N100 billion each in 91-day and 182-day bills, while N700 billion will be offered through the 364-day tenor. Settlement is scheduled for Thursday, October 8.
The 364-day bill represents 77.8% of the total offer, underscoring the DMO’s continued emphasis on longer-dated Treasury instruments.
The auction comes amid strong investor appetite for the one-year bill. At the September 23 auction, investors submitted N4.09 trillion in bids for the 364-day instrument, accounting for about 97% of total subscriptions across the three tenors.
The strong demand came as Treasury bill yields continued to decline following the CBN’s 350-basis-point reduction in the Monetary Policy Rate from 26.5% to 23%.
At the September auction, the stop rate for the 364-day bill fell to 15.89% from 16.62%, while the 91-day and 182-day bills cleared at 15.50% and 15.80%, respectively.
The latest N900 billion offer therefore comes at a time when the fixed-income market is adjusting to lower interest rates and relatively strong liquidity conditions.
Market attention is expected to centre on demand for the N700 billion one-year bill and whether its 15.89% stop rate declines further at the October 7 auction.
The CBN said the indicative NTB issuance calendar would be released in due course.
