As part of its sustained monetary policy initiatives to moderate liquidity and ensure stability in the foreign exchange markets in the country, the Central Bank of Nigeria (CBN) has unveiled plans to auction N5.8 trillion in Nigerian Treasury Bills (NTBs) between July and September this year.
The borrowing plan, which is contained in the CBN’s Q3 2026 NTB Issuance Programme, reflected a sharp increase in the domestic borrowing plan and remarkably higher than the net target in the just ended second quarter of the year.
The NTB issuance programme has scheduled 13 auction dates between July 1 and September 23, and after accounting for approximately N2.64 trillion in maturing Treasury Bills during the quarter, the programme implies a net new borrowing of about N3.16 trillion.
According to the apex bank’s plan, the third quarter NTB issuance programme shows a clear preference for long-tenored securities, with the 364-day Treasury Bill accounting for N4.0 trillion or about 69% of the total TB issuance.
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An analysis of the auction plan indicated that the apex bank plans to issue N900 billion in 91-day Treasury Bills, N900 billion in 182-day bills, and N4.0 trillion in 364-day bills, bringing the total planned issuance to N5.8 trillion.
During the quarter under review, data on government’s borrowings indicated that TBs worth approximately N2.644 trillion, comprising N550.83 billion in 91-day bills, N503.19 billion in 182-day bills, and N1.591 trillion in 364-day bills would mature for payment during the quarter.
Based on the NTB Issuance Programme, the largest auctions have been scheduled for July 8, July 29, August 5, August 12, August 26, and September 2, with each expected to offer about N700 billion.
Investment analysts believe that the latest TB programme of the CBN aligns with its sustained monetary policy stance effort to manage liquidity, keep interest rates high, and support FX rate stability with the attendant implications for consolidating the achievements being recorded by the government’s reforms.
