The Central Bank of Nigeria is set to auction N500 billion worth of Nigerian Treasury Bills on behalf of the Debt Management Office as part of the country’s September 2026 issuance programme.
The auction, scheduled for Wednesday, September 9, will cover 91 day, 182 day and 364 day Treasury Bills, with Money Market Dealers expected to submit their bids through the CBN S4 Web Interface.
The offering consists of N100 billion worth of 91 day bills, N100 billion of 182 day bills and N300 billion of 364 day bills.
The N500 billion auction is the smallest single Treasury Bills offering under the third quarter 2026 issuance programme.
Successful bidders are expected to receive their allotment letters on Thursday, September 10, while payment for the allotted securities must be made to the CBN by 11:00 a.m. the same day. The auction results are expected to be announced on Wednesday.
Bids are to be submitted in multiples of N1,000, with a minimum bid amount of N50.001 million.
Dealers can submit more than one bid, either for their own accounts or on behalf of eligible non Money Market Dealers and members of the public.
The CBN, however, retains the discretion to reject bids or alter the amount offered depending on developments in the financial market at the time of the auction.
Q3 Treasury Bills programme
The latest N500 billion offering forms part of the N5.8 trillion Treasury Bills programme planned by the Debt Management Office and the CBN for the third quarter of 2026.
Under the programme, N900 billion is earmarked for 91 day bills, while another N900 billion is planned for 182 day securities. The largest portion, N4 trillion, is allocated to 364 day Treasury Bills.
The one year bills therefore account for roughly 69 per cent of the total amount scheduled for issuance during the quarter.
Treasury Bills worth about N2.644 trillion are also expected to mature between July and September. After accounting for the refinancing of these maturing obligations, the programme is expected to result in about N3.16 trillion in net new borrowing.
The CBN had earlier conducted several N700 billion Treasury Bills auctions during the quarter, including auctions held on July 8, July 29, August 12 and August 26.
Treasury Bills are short term government securities used to raise funds for a specified period. They carry maturities of up to 364 days and are typically sold at a discount to their face value.
For investors, the difference between the purchase price and the amount received at maturity represents the return on the investment.
