The Central Bank of Nigeria has opened bidding for N500 billion in Nigerian Treasury Bills on behalf of the Debt Management Office, in what will be the final primary market sale of the third quarter of 2026. The auction is scheduled for Wednesday, September 23, 2026, and gives investors a last opportunity to take up government paper before the quarter closes.
Money Market Dealers are required to submit bids through the CBN's S4 Web Interface between 8:00 a.m. and 11:00 a.m. on Wednesday. Allotment letters will be issued on Thursday, September 24, 2026, and successful bidders must settle payment into their CBN account by 11:00 a.m. the same day.
The offer is split across three tenors: N100 billion in 91-day bills, N100 billion in 182-day bills, and N300 billion in 364-day bills. This matches the size of the preceding auction and sits below the N700 billion standard that prevailed for much of the quarter. Bids must be in multiples of N1,000, with a minimum bid of N50,001,000, and dealers may submit multiple bids on behalf of themselves, other dealers, or members of the public. The CBN retains the right to reject bids that fall short of expectations or to adjust the offer size based on market conditions.
The sale closes out the Q3 2026 Nigerian Treasury Bills Issuance Programme, which targeted N5.8 trillion in gross issuance between July and September. The quarterly plan comprised N900 billion in 91-day bills, N900 billion in 182-day bills, and N4 trillion in 364-day bills, with the one-year instrument accounting for about 69 percent of planned issuance. With roughly N2.644 trillion scheduled to mature during the quarter, the programme implied estimated net new borrowing of about N3.16 trillion.
Bidding momentum has been strong. At the September 2 auction, the CBN sold N865.71 billion against a N700 billion offer, while the September 9 auction raised N1.054 trillion against a N750 billion offer. The two sales together totalled about N1.9197 trillion, and a successful September 23 auction could push September's total Treasury Bill issuance to or beyond N2.4 trillion.
Yields have been easing. The 364-day stop rate has fallen in three consecutive cuts, from 17.59 percent on August 12 to 16.62 percent on September 9, a decline of nearly one percentage point in about a month. This gradual easing has occurred even as the Monetary Policy Rate has remained unchanged at 26.5 percent since July 2026. With inflation slowing for a third straight month to 15.39 percent in August 2026, most analysts still expect the Monetary Policy Committee to hold the benchmark rate at its September 21–22 meeting, citing Brent crude prices above $100 a barrel and pre-election spending pressures as reasons for caution.
