The Central Bank of Nigeria (CBN), acting on behalf of the Debt Management Office (DMO), will offer N800 billion in Nigerian Treasury Bills (NTBs) on Wednesday, October 28, 2026. The auction comes as banks' placements at the CBN's Standing Deposit Facility (SDF) reached N6.98 trillion on Tuesday, October 27.
The offer is split across three tenors: N100 billion in 91-day bills, N100 billion in 182-day bills and N600 billion in 364-day bills, representing 12.5 percent, 12.5 percent and 75 percent of the total respectively. The securities will be issued through a Dutch auction.
The Financial Markets Dealers Association (FMDA) projects N2.813 trillion in inflows into the financial system this week. Open Market Operation (OMO) maturities are expected to contribute N2.408 trillion, about 85.6 percent of the projected weekly inflows. Federal Government bond coupon payments are expected to provide N263.58 billion, while Treasury Bills maturities will contribute N130.72 billion. Corporate bond coupon payments account for another N10.92 billion.
The projected N2.813 trillion inflow is slightly below the previous week's N2.858 trillion, largely because no Federation Account Allocation Committee (FAAC) distribution is recorded for this week, compared with N2.43 trillion previously. OMO maturities, however, are N341 billion higher than the N2.067 trillion recorded in the preceding week. FMDA also reported that system liquidity rose by 10.39 percent week-on-week to N6.936 trillion in the week ended October 23.
The auction coincides with N130.72 billion in maturing Treasury Bills, with settlement scheduled for October 29. The N800 billion advertised offer exceeds that scheduled maturity by approximately N669.28 billion. If the DMO allots the full advertised amount, the auction would absorb N669.28 billion more than the funds released through the Treasury Bills maturity alone.
Settlements on Tuesday included N2.132 trillion in OMO maturities and N53.493 billion in primary market maturities, potentially supporting demand for government securities.
Recent auctions show sustained appetite for one-year instruments. At the October 7 auction, the DMO allotted N968.47 billion against an advertised offer of N900 billion, and the 364-day stop rate declined to 15.85 percent. Investors submitted N1.683 trillion in bids for the one-year bill at that auction. At the October 14 NTB auctions, the DMO rejected approximately 74 percent of N1.032 trillion in total subscriptions, accepting only N269.06 billion.
