The Central Bank of Nigeria (CBN), acting on behalf of the Debt Management Office, has invited bids for N500 billion worth of Nigerian Treasury Bills in the final auction of the third quarter, scheduled for Wednesday.
According to a notice obtained by market participants, money market dealers must submit bids through the CBN’s S4 Web Interface between 8:00 a.m. and 11:00 a.m. on September 23.
Successful bidders will receive allotment letters on Thursday, September 24, and must complete payment into their CBN accounts by 11:00 a.m. the same day.
The offer is divided into three tenors: N100 billion of 91-day bills, N100 billion of 182-day bills and N300 billion of 364-day bills. Each bid must be a multiple of N1,000, with a minimum of N50,001,000. Dealers may submit multiple bids on their own behalf or for clients.
The CBN reserves the right to reject any bid that does not meet its expectations and may adjust the amount on offer depending on market conditions.
The auction closes the CBN’s Q3 2026 Nigerian Treasury Bills Issuance Programme, which had targeted gross issuance of N5.8 trillion between July and September. So far in September, the bank has sold nearly N1.92 trillion across two previous auctions, with stop rates on the 364-day bill falling to 16.62 percent.
Yields on Treasury Bills have declined steadily in recent weeks even as demand has remained strong, while the CBN’s Monetary Policy Committee is due to meet on September 21-22.
