The Central Bank of Nigeria (CBN), acting on behalf of the Debt Management Office (DMO), is set to offer N700 billion worth of Nigerian Treasury Bills (NTBs) at its first auction for September 2026.
The auction, scheduled for Thursday, September 3, will cover three maturities — 91-day, 182-day and 364-day Treasury Bills, according to an Invitation to Tender issued to money market dealers.
The offer comprises N100 billion for the 91-day tenor, N100 billion for the 182-day bill and N500 billion for the 364-day instrument, underscoring the authorities’ continued emphasis on longer-dated securities.
Money Market Dealers are required to submit their bids through the CBN’s S4 Web Interface between 8:00 a.m. and 11:00 a.m. on Wednesday, September 2, ahead of the auction.
Each bid must be submitted in multiples of N1,000, with a minimum bid requirement of N50.001 million. Dealers may submit multiple bids on their own behalf or for non-Money Market Dealers and members of the public.
The CBN also retains the discretion to reject bids or adjust the amount offered depending on prevailing market conditions.
Part of N1.7trn September issuance
The September auction forms part of the CBN’s broader plan to issue N1.7 trillion in Treasury Bills during the month and represents one of the final auctions under the third-quarter 2026 NTB programme.
The Q3 programme targets N5.8 trillion in gross Treasury Bills issuance between July and September, against approximately N2.64 trillion in maturing bills, implying about N3.16 trillion in net new borrowing during the quarter.
Investor demand has remained particularly strong for one-year Treasury Bills, with institutions seeking relatively high-yield, low-risk assets amid tight liquidity conditions.
At the August 12 auction, for instance, investors submitted about N4.4 trillion in bids against a N700 billion offer, while the stop rate on the 364-day bill rose to 17.59%.
The latest auction comes shortly after the CBN withdrew a combined N4.72 trillion from the banking system through four OMO auctions conducted on August 26 and 27, further highlighting the central bank’s aggressive liquidity-management operations.
With the 364-day bill accounting for the bulk of the September 3 offer, market attention is expected to remain focused on demand levels and the stop rates that emerge from the auction.
