The Central Bank of Nigeria (CBN) is set to offer N700 billion worth of Nigerian Treasury Bills (NTBs) in its first auction for September, as the apex bank continues efforts to manage liquidity and shape conditions in the financial market.
The auction, scheduled for Wednesday, September 2, 2026, will cover three maturities: N100 billion for the 91-day bill, N100 billion for the 182-day bill and a much larger N500 billion for the 364-day bill. Money Market Dealers are expected to submit bids through the CBN S4 Web Interface between 8:00 a.m. and 11:00 a.m., with the auction results expected later that day.
The latest offer forms part of the N5.8 trillion Treasury Bills programme for the third quarter of 2026. Of the total planned issuance, N900 billion is allocated to 91-day bills, another N900 billion to 182-day bills, while N4 trillion is earmarked for 364-day bills. With N2.644 trillion in Treasury Bills scheduled to mature during the quarter, the programme could result in about N3.16 trillion in net new borrowing.
Investor demand for government securities has remained strong. At the August 12 auction, investors submitted bids worth N4.4 trillion against the N700 billion on offer, with the 364-day bill attracting N4.19 trillion. The CBN later reduced the stop rate on the one-year bill from 17.59 per cent to 17.15 per cent at the August 26 auction, while total allotments from the two auctions reached N2.218 trillion against N1.4 trillion advertised.
The September auction is therefore expected to draw close attention from investors, particularly as market participants watch for clues ahead of the CBN’s September Monetary Policy Committee meeting. Beyond the size of the allotment, investors will be looking closely at stop rates and demand for the 364-day bill, while the auction outcome could offer an early signal of the direction of monetary policy as the CBN concludes its third-quarter Treasury Bills programme.
source: The guardian
