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CBN Offers ₦500bn T-Bills in Final Q3 Auction
The Central Bank of Nigeria (CBN), acting for the Debt Management Office, has announced plans to sell ₦500 billion worth of Treasury Bills on Wednesday, September 23, 2026 — the last auction of the third quarter.
The offer is split into ₦100bn for 91-day bills, ₦100bn for 182-day bills, and ₦300bn for 364-day bills. Bids must be submitted via the CBN’s S4 Web Interface between 8:00 a.m. and 11:00 a.m. on auction day, with payments due by 11:00 a.m. the following day.
This final auction keeps the size below the ₦700bn standard seen earlier in the quarter. The Q3 programme targeted ₦5.8 trillion in gross issuance, comprising ₦900bn in 91-day bills, ₦900bn in 182-day bills, and ₦4 trillion in 364-day bills.
So far in September, the CBN has sold nearly ₦1.92 trillion across two auctions, exceeding offers and cutting the 364-day bill rate from 16.84% to 16.62%. If the September 23 auction meets expectations, total issuance for the month could surpass ₦2.4 trillion.
Yields on Treasury Bills have been falling steadily. The 364-day bill rate dropped from 17.59% in August to 16.62% by September 9, even as demand remained strong. Analysts say the CBN is quietly lowering short-term borrowing costs while keeping the Monetary Policy Rate unchanged at 26.5%.
Nigeria’s inflation has eased for three consecutive months, reaching 15.39% in August. This gives the CBN room to consider further easing, though most analysts expect the MPC to hold rates steady at its September 21–22 meeting due to oil price rebounds and election spending pressures.
The auction closes out Q3’s issuance calendar, which implied net new borrowing of about ₦3.16 trillion after accounting for maturities. Strong demand for the one-year instrument underscores investor appetite despite falling yields.
