The Central Bank of Nigeria (CBN), acting on behalf of the Debt Management Office (DMO), is offering ₦700 billion in Nigerian Treasury Bills (NTBs) at its first auction for September 2026.
The Central Bank of Nigeria (CBN), acting on behalf of the Debt Management Office (DMO), is set to open its first Nigerian Treasury Bills (NTB) auction for September 2026 with an offer of ₦700 billion across three tenors.
Scheduled for Wednesday, September 2, 2026, the issue forms part of the final stretch of the third-quarter (Q3) borrowing program aimed at absorbing excess liquidity in the financial system and managing economic parameters.
According to the official Invitation to Tender, the ₦700 billion offer is structured across short, medium, and long-term maturities, comprising ₦100 billion for the 91-day bills, ₦100 billion for the 182-day bills and ₦500 billion for the 364-day bills which accounts for over 71% of the total issue.
All Money Market Dealers must submit bids through the CBN S4 Web Interface between 8:00 a.m. and 11:00 a.m. on September 2, with results expected later that day. Successful bidders are required to complete payment by 11:00 a.m. on Thursday, September 3, 2026, upon receiving allotment letters.
The apex bank stated that minimum bids are set at ₦50,001,000 with subsequent multiples of ₦1,000, reserving the right to reject bids or adjust allotment amounts based on market conditions.
The September 2 issue is one of three remaining auctions under the DMO and CBN’s aggressive Q3 2026 issuance target of ₦5.8 trillion, which includes ₦900 billion in 91-day bills, ₦900 billion in 182-day bills, and ₦4 trillion in 364-day instruments. With ₦2.644 trillion in maturities falling due during the quarter, the program effectively targets net new borrowing of about ₦3.16 trillion.
The quarter has seen shifting liquidity dynamics, marked by the cancellation of the August 5 auction following heavy OMO mop-ups and temporary liquidity injections from maturity payouts on July 22 and August 19.
Meanwhile, investor appetite has remained strong, evidenced by the August 12 auction where total subscriptions reached ₦4.4 trillion against a ₦700 billion offer driving the 364-day stop rate to 17.59% before the apex bank pared it back by 44 basis points to 17.15% on August 26.
Combined allotments across those two August sales reached ₦2.218 trillion well above the advertised ₦1.4 trillion highlighting the central bank’s heavy reliance on Treasury Bills to control money supply, manage inflation, and stabilize the exchange rate even as analysts warn of the economic costs of maintaining elevated yields ahead of the upcoming Monetary Policy Committee meeting.
