The Central Bank of Nigeria (CBN) is set to significantly ramp up its liquidity management efforts in the third quarter of 2026, with plans to raise N5.8 trillion through Nigerian Treasury Bills (NTBs). The move comes as treasury bills worth N2.64 trillion are expected to mature between July and September, highlighting the apex bank’s determination to tighten liquidity conditions and maintain stability in the financial system.
According to the CBN’s Third Quarter 2026 Nigerian Treasury Bills Issue Programme, the bank will offer N900 billion each in 91-day and 182-day treasury bills, while the bulk of the borrowing—N4 trillion—will come from the 364-day tenor. This aggressive issuance strategy exceeds the value of maturing securities by approximately N3.16 trillion, signaling a deliberate effort to absorb excess cash circulating within the economy.
The maturity schedule reveals that N550.83 billion in 91-day bills, N503.19 billion in 182-day bills, and N1.59 trillion in 364-day instruments will mature during the quarter. Financial analysts say the difference between the planned issuance and the maturing obligations could help the CBN curb inflationary pressures, support monetary policy objectives, and manage liquidity levels in the banking sector.
One of the busiest periods for the debt market will occur on September 3, when treasury bills valued at N734.81 billion are due to mature. On the same day, the CBN plans to return to the market with a fresh N700 billion issuance, comprising N100 billion each in 91-day and 182-day bills, alongside N500 billion in one-year treasury bills. Other major maturities are expected on September 17, August 20, and July 9, creating a packed schedule for investors and market participants.
The issuance calendar shows that weekly treasury bill auctions will remain a key feature throughout the quarter, with N700 billion offerings dominating most auction dates. While a few smaller N500 billion auctions are scheduled for September, the overall programme underscores the CBN’s continued reliance on treasury bills as a powerful tool for managing liquidity and guiding financial market conditions. For investors, the coming months could present fresh opportunities, while for policymakers, the programme represents another critical step in balancing economic growth with price stability.
source: Leadership
