The Central Bank of Nigeria (CBN) is projecting to raise N600 billion through a Nigerian Treasury Bills (NTB) auction scheduled for today, in what will be the latest primary market issuance under the apex bank’s Q3 2026 borrowing calendar.
The planned auction was disclosed in an official tender notice issued by the CBN on behalf of the Debt Management Office (DMO).
In its Q3 NTB issuance calendar, the CBN plans to raise N5.8 trillion across nine issuance schedules in three months, with July having three issuance schedules targeting N2 trillion.
According to the CBN’s tender notice, the N600 billion is being offered across three maturities using the Dutch auction system:
N100 billion in 91-day Treasury Bills
N100 billion in 182-day Treasury Bills
N400 billion in 364-day Treasury Bills
All Money Market Dealers are required to submit bids electronically via the CBN S4 Web Interface between 8:00 a.m. and 11:00 a.m. on Wednesday, July 15, with each bid submitted in multiples of N1,000, subject to a minimum of N50,001,000.
Authorized Money Market Dealers may submit multiple bids, either for their own account or on behalf of non-Money Market Dealers and members of the public.
Auction results are expected to be announced today, Wednesday, July 15, while allotment letters will be issued to successful bidders on Thursday, July 16. Payment must reach the CBN not later than 11:00 a.m. on settlement day. The CBN reserves the right to vary the total amount on offer in line with prevailing market conditions.
The July 15 auction follows a busy June in which the CBN raised N1.49 trillion at its June 17 NTB auction, increasing stop rates across all tenors.
At the most recent auction before this issuance, the CBN offered N700 billion across the three tenors.
Nigeria’s NTB market has been characterised by consistent oversubscription throughout 2026, with investor demand exceeding offer sizes at every primary market auction so far this year
At the most recent auction on July 8, the 364-day bill attracted N1.86 trillion in subscriptions against a much smaller offer — an oversubscription ratio that underscores the depth of institutional appetite for long-duration, risk-free naira instruments
The 364-day stop rate of 17.70% recorded at the prior auction represents the highest on the instrument in recent weeks, driven by bearish fixed income sentiment and rising inflation concerns, with May 2026 headline CPI printing at 15.93%
Against that inflation rate, the one-year T-bill at 17.70% offers a positive real return of approximately 177 basis points — making it one of the few instruments in Nigeria’s current fixed income landscape that decisively beats inflation on a headline basis
