The Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), is offering ₦900 billion in Nigerian Treasury Bills (NTBs) at its first auction of the fourth quarter today, October 7, 2026, with the 364-day instrument accounting for nearly four-fifths of the offer.
According to the auction notice, the offer comprises ₦100 billion in 91-day bills, ₦100 billion in 182-day bills and ₦700 billion in 364-day bills. Settlement is scheduled for Thursday, October 8, 2026.
The 364-day bill represents 77.8% of the total offer, highlighting the government’s continued focus on longer-dated Treasury instruments amid strong investor demand.
The auction comes after the CBN’s September 22, 2026 decision to cut the Monetary Policy Rate by 350 basis points from 26.5% to 23%. The rate reduction has triggered a broad repricing in the Treasury bills market, pushing yields lower.
At the previous auction on September 23, investors submitted ₦4.23 trillion across the three tenors. The 364-day bill accounted for ₦4.09 trillion, representing about 97% of total demand, despite an offer of ₦400 billion.
The heavy demand for the one-year instrument came alongside a sharp decline in its stop rate. The 364-day bill cleared at 15.89%, down 73 basis points from 16.62% at the previous auction.
The rate has now fallen by 146 basis points across four consecutive auctions, from 16.84% on September 2. It is also 181 basis points below the third-quarter peak of 17.70% recorded on July 8.
The shorter-tenor bills also recorded lower rates at the September 23 auction, with the 91-day bill clearing at 15.50% and the 182-day bill at 15.80%. However, demand was significantly weaker than for the one-year instrument.
Today’s auction will therefore test whether investor appetite for longer-dated government securities remains strong enough to absorb the larger ₦700 billion allocation at a time when Treasury bill yields are trending lower.
The DMO is expected to release the indicative NTB issuance calendar for the fourth quarter in due course.
