CBN to Open N500bn Nigerian Treasury Bills for Subscription
The Central Bank of Nigeria (CBN) is scheduled to conduct a primary market auction for Nigerian Treasury bills with an offer size of N500 billion across standard tenors.
The Debt Management Office (DMO) will conduct the midweek auction on behalf of Apex Bank, with three maturities: 91-, 182-, and 364-day.
The offer breakdown includes N100 billion in 91-day Treasury bills, N100 billion in 182-day bills, and N300 billion in 364-day bills, to be placed for subscription on Wednesday.
In its commentary note, AAG Capital Limited said ample interbank liquidity and significant front-loading of government borrowing have strengthened the DMO’s pricing power at recent auctions despite increased issuances and frequency.
Fixed-income market analysts expect strong demand for the 1Y paper, while short-end stop rates remain broadly anchored. At the previous auction, the authority slashed the spot rate on the one-year Nigerian Treasury bill to 16.84%, down from 17.15% in the last session in August, 2026.
Nigerian Treasury bills with 91 and 182 days to maturity were sold at 16.30% and 16.50%, respectively. The market expects significant liquidity in the financial system to boost demand. However, there is no consensus about what would happen to spot rates.
