The Central Bank of Nigeria is looking to raise N700 billion in its next Treasury Bills auction on May 7, 2026. The sale lines up with the federal government’s borrowing needs for the second quarter.
The details came in a tender notice the bank released on behalf of the Debt Management Office. This will be the first NTB auction of the month. It’s part of the usual push to keep liquidity in check and cover short-term funding gaps.
The N700 billion will be split across three tenors under the Dutch auction format: N100 billion in 91-day bills, N50 billion in 182-day bills, and N550 billion in 364-day bills.
Primary dealers must send bids electronically through the Scripless Securities Settlement System. The window runs from 8:00 a.m. to 11:00 a.m. on May 6. The minimum bid sits at N50,001,000.
Winners get their allotment letters on auction day. Payment is due by 11:00 a.m. on the settlement date. The CBN kept the usual language that it can tweak the total amount offered if market conditions shift.
The May 7 auction is the first of two set for the month. The central bank’s calendar also lists a N650 billion sale on May 20.
Traders expect the 364-day paper to pull the heaviest demand. Its yield looks more attractive, and there’s enough liquidity sloshing around in the system to bring out the big institutional buyers, especially pension funds and commercial banks.
Fixed-income players are hunting for better returns as monetary policy evolves. That makes the auction results a useful snapshot of current sentiment and where rates could go next.
Nigeria’s Treasury Bills market still serves as the main channel for short-term government borrowing and liquidity management. The second-quarter 2026 calendar aims for total issuance of roughly N3.95 trillion, with net new borrowing projected at N750 billion by the end of June.
Appetite has stayed strong lately. In April the CBN overshot its combined N1.45 trillion target and ended up selling N1.63 trillion across the auctions on April 8 and April 22.
Now the focus shifts to next week’s subscription numbers, allotment details, and especially the stop rates on the one-year bill. Those figures should reveal how much confidence investors still have and what borrowing is costing the government.
