The Central Bank of Nigeria (CBN) has disclosed plans to conduct its Treasury Bills (T-Bills) Primary Market Auction (PMA), where a total of N650 billion worth of maturing bills will be rolled over.
The CBN said the manufacturing bills being reissued on behalf of the Debt Management Office (DMO) would be offered across three maturities: N100 billion for the 91-day tenor, N100 billion for the 182-day paper, and N450 billion for the 364-day instrument.
It also said the move is part of the government’s regular short-term borrowing programme aimed at managing liquidity.
According to the CBN, the sale, scheduled to hold on Wednesday, would be conducted via a Dutch auction.
Dutch auction is a competitive bidding process where investors submit their interest rates, and the final stop rate is determined by demand and market dynamics. By rolling over maturing bills, the government is not necessarily raising fresh debt but rather refinancing existing obligations.
The CBN stated that authorised Money Market Dealers will submit bids electronically through the CBN S4 Web Interface between 8:00 a.m. and 11:00 a.m. on Wednesday, October 22, 2025. Each bid must be made in multiples of N1,000, subject to a minimum investment of N50,001,000.
Money Market Dealers are also allowed to place bids on behalf of non-dealer clients such as corporates, fund managers, and interested members of the public, offering indirect access to retail investors seeking low-risk instruments.
The CBN further clarified that dealers can submit multiple bids at different rates, enhancing the flexibility of investment choices.
The results of the auction will be announced on Wednesday, October 22, a day before settlement.
According to the CBN, successful bidders will receive their allotment letters on Thursday, October 23, while payments for allotted amounts must be made into their accounts with the CBN no later than 11am the same day.
The apex bank also reserved the right to reject or adjust bids depending on prevailing market conditions.
