The Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), is set to auction N500 billion in Nigerian Treasury Bills (NTBs) across 91-day, 182-day, and 364-day tenors as part of its September issuance programme.
The auction is scheduled for Wednesday, September 9, 2026. Money Market Dealers are required to submit bids through the CBN S4 Web Interface.
The offering comprises N100 billion in 91-day bills, N100 billion in 182-day bills, and N300 billion in 364-day bills. This N500 billion exercise represents the smallest single Treasury Bills auction size under the Q3 2026 issuance programme.
Auction results are expected to be released on Wednesday. Successful bidders will receive allotment letters on Thursday, September 10, with payment due to the CBN by 11:00 a.m. that same day.
Bids must be submitted in multiples of N1,000, with a minimum bid size of N50.001 million. Dealers may submit multiple bids for their own accounts or on behalf of eligible non-Money Market Dealers and members of the public. The CBN retains the authority to reject bids or adjust the total amount offered based on prevailing market conditions.
**Q3 programme targets N5.8 trillion**
The auction aligns with the broader Q3 2026 NTB programme, under which the DMO and CBN planned to issue N5.8 trillion in Treasury Bills between July and September.
Of the total planned issuance, N900 billion is allocated to 91-day bills, N900 billion to 182-day bills, and N4 trillion to 364-day bills. The one-year tenor accounts for approximately 69% of the total planned issuance.
Treasury Bills worth roughly N2.644 trillion are scheduled to mature during the quarter, implying an estimated net new borrowing of about N3.16 trillion after refinancing existing obligations.
The CBN previously conducted several N700 billion auctions during the quarter, including those held on July 8, July 29, August 12, and August 26.
As noted by *Daily Trust*, Treasury Bills are government-backed, short-term securities issued to meet the government’s short-term financing needs. With a maximum maturity of 364 days, T-Bills are sold at a discount to their face value.
