In furtherance of its statutory roles in Nigeria’s budgetary and debt management system, the Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), has issued aa notice to bidders to tender for Nigerian Treasury Bills (NTBs) of 91-day, 182-day and 364-day tenors, totalling N500 billion to be allotted by Dutch auction today.
After the auction, allotment letters would be issued for successful bids on September 10, and payment for the successful bids should be made to the bidders’ account with apex bank not later than 11.00 a.m the same day.
This week’s N500 billion offer remains the smallest single TB auction size recorded so far in the Q3 2026 NTB Issuance Programme, which targeted N5.8 trillion in gross issuance between July and September.
According to the programme, the apex bank is offering N1.7 trillion in September, and the September 9 offer is the second auction of the three final auctions of the quarter.
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In the past few auctions, including the July 8, July 29, August 12 and August 26, the CBN offered N700 billion each, consistently drawing oversubscriptions and above offer targets.
Today’s lower offer size is coming just a week after the CBN’s September 2 auction, on which the 364-day stop rate dipped by 31 basis points to 16.84% from the 17.15% of the preceding auction, though the tenor drew N3.24 trillion in subscriptions against a N700 billion offered.
Under the Q3 NTB programme, the Debt Management Office (DMO) and the CBN planned to issue N5.8 trillion in Treasury Bills between July and September 2026, comprising N900 billion in 91-day, N900 billion in 182-day and N4 trillion in 364-day bills.
The plan indicated that the 364-day bill accounted for about 69% of planned issuance, making it the dominant instrument, and TBs worth N2.644 trillion are expected to mature during the quarter.
Similarly, after repayment of maturities, the programme implied an estimated net new borrowing of N3.16 trillion from the scheduled auctions for July 8, July 29, August 5, August 12, August 26 and September 2.
