The Central Bank of Nigeria (CBN) is set to offer N700 billion worth of Nigerian Treasury Bills (NTBs) at its third and final primary market auction for July 2026.
The auction, scheduled for Wednesday, July 29, will be conducted through a Dutch auction on behalf of the Debt Management Office (DMO), according to the apex bank’s latest tender notice.
The N700 billion offering will be spread across three maturities, comprising N100 billion for the 91-day bills, N100 billion for the 182-day bills and N500 billion for the 364-day bills.
The latest auction continues the CBN’s preference for longer-dated Treasury Bills, with the one-year instrument receiving the largest allocation amid sustained investor interest in longer-term fixed-income securities.
Money Market Dealers are expected to submit bids through the CBN S4 Web Interface between 8:00 a.m. and 11:00 a.m. on the auction date.
Each bid must be submitted in multiples of N1,000, with a minimum bid amount of N50.001 million. Dealers may also submit multiple bids on their own behalf or on behalf of non-Money Market Dealers and members of the public.
The July 29 auction is the final tranche in the CBN’s planned N2 trillion Treasury Bills issuance for the month.
The broader July programme comprises three major auctions, with N700 billion offered on July 8, N600 billion on July 15 and a further N700 billion scheduled for July 29.
The aggressive issuance programme comes as the CBN seeks to manage liquidity in the banking system while supporting the government’s domestic financing requirements.
The July issuance is part of the apex bank’s third-quarter 2026 Treasury Bills programme, which targets N5.8 trillion in gross issuance between July and September, compared with N2.64 trillion in maturing bills over the quarter.
The programme implies net new borrowing of approximately N3.16 trillion during the third quarter, reflecting increased reliance on short-term domestic debt instruments.
The latest auction is also expected to attract significant investor attention, particularly for the 364-day instrument, following strong demand for longer-tenor Treasury Bills at previous auctions this month.
The outcome of the July 29 auction will therefore provide further insight into investor appetite for government securities and the direction of short-term yields amid the CBN’s ongoing liquidity management operations.
