The Central Bank of Nigeria (CBN) allotted about N8.14 trillion through eight Nigerian Treasury Bills (NTB) auctions between July and September 2026, exceeding the N5.8 trillion target for the third quarter by 40.34%.
The bulk of the allotments came from the 364-day Treasury Bill, which accounted for about N7.09 trillion, or 87% of total allotments during the period. Demand for the one-year instrument remained strong even as its stop rate fell from a Q3 peak of 17.70% in July to 15.89% by September 23.
The CBN’s allotments varied sharply during the quarter, with the highest single-session allocation reaching N1.456 trillion on August 12. However, the final September auction saw allotment fall to N497.59 billion as rates declined following the Monetary Policy Committee’s 350-basis-point cut in the Monetary Policy Rate (MPR) to 23%.
The Q3 programme had provided for N900 billion each in 91-day and 182-day bills and N4 trillion in 364-day bills. The N8.14 trillion ultimately allotted was more than N2.3 trillion above the quarterly target, reflecting strong investor demand and the CBN’s continued use of Treasury Bills for government financing and liquidity management.
