The Central Bank of Nigeria (CBN) is set to raise N850 billion through a new Treasury Bills auction scheduled for March 11, 2026, as part of the Federal Government’s strategy to manage short term borrowing and regulate liquidity in the financial system.
According to the auction notice, the government will issue Treasury Bills across three maturities, offering investors options in short, medium, and longer term instruments. The breakdown of the offer includes N100 billion in 91 day bills, N150 billion in 182 day bills, and N600 billion in 364 day bills.
The auction will follow the Dutch auction system, a pricing method commonly used in government securities sales where investors submit bids indicating the yield they are willing to accept. Settlement for successful bids is expected to take place the following day after the auction.
Prospective investors are required to submit their bids electronically through the apex bank’s Scripless Securities Settlement System (S4) between 8:00 a.m. and 11:00 a.m. on the auction day. Each bid must be submitted in multiples of N1,000, with a minimum subscription set at N50,001,000.
Authorised money market dealers are permitted to submit several bids either for their own accounts or on behalf of other investors. Successful participants will receive allotment notices on March 12, while payment for the securities must be completed through accounts held with the central bank before 11:00 a.m. on the same day.
The upcoming auction comes shortly after a previous Treasury Bills sale conducted by the CBN on March 4, where the bank raised N1.01 trillion following strong investor interest in government securities.
Demand during that earlier auction was particularly strong for longer term instruments. The 364 day bill attracted about N2.13 trillion in bids against an offer of N800 billion, highlighting investor appetite for high yielding government instruments.
Interest rates also adjusted upward during that sale. Stop rates settled at 15.95 percent for the 91 day bill, 16.65 percent for the 182 day bill, and 16.73 percent for the 364 day bill, indicating market pressure for higher yields despite ample liquidity in the financial system.
Analysts believe the upcoming auction will provide another indicator of investor sentiment in Nigeria’s fixed income market. Market participants are expected to monitor the results closely to determine whether yields will continue to rise, particularly for longer tenor instruments that typically attract stronger demand from institutional investors.
Treasury Bills remain one of the Federal Government’s key tools for short term financing and liquidity management. By issuing these securities regularly, the authorities are able to fund immediate fiscal needs while also influencing money supply and interest rate conditions in the broader economy.
With investor demand for government backed assets still strong, the outcome of the March 11 auction may further shape expectations in Nigeria’s fixed income market in the coming weeks.
