The Central Bank of Nigeria (CBN) plans to raise N850 billion through a Treasury Bills (NTBs) auction scheduled for March 11, 2026, as the government intensifies short-term borrowing to manage liquidity and fund fiscal needs.
The auction, announced in a tender notice issued to primary market dealers on behalf of the Debt Management Office (DMO), will bring total funds raised from Treasury Bills within one week to nearly N2 trillion.
The planned sale comes just days after the CBN conducted a similar auction on March 4, raising N1.01 trillion from investors following strong demand for government securities.
According to the notice, the Federal Government will offer Treasury Bills across three maturities during the upcoming auction.N100 billion in 91-day bills, N150 billion in 182-day bills, N600 billion in 364-day bills
The auction will be conducted using the Dutch auction system, where interest rates are determined by investor demand rather than fixed pricing. Settlement for successful bids is expected the following day.
Investors will be required to submit bids electronically through the CBN’s Scripless Securities Settlement System (S4) between 8:00 a.m. and 11:00 a.m. on March 11.
Each bid must be submitted in multiples of N1,000, with a minimum subscription of N50,001,000. Authorised money market dealers are permitted to place multiple bids either for their own accounts, on behalf of other dealers, or for members of the investing public. Successful bidders will receive allotment letters on March 12, with payment required before 11:00 a.m. through accounts maintained with the apex bank.
The latest auction follows a highly oversubscribed Treasury Bills sale earlier this month, where investor demand significantly exceeded the government’s offer.
During the March 4 auction, investors submitted N2.34 trillion in bids for N1.05 trillion worth of Treasury Bills offered. The 364-day instrument attracted the strongest interest, drawing N2.13 trillion in bids against N800 billion offered. Stop rates settled at 15.95 percent for the 91-day bill and 16.73 percent for the 364-day bill, while the 182-day bill remained unchanged at 16.65 percent.
The one-year instrument recorded the sharpest increase in yield, rising by 0.83 percentage points from the previous auction, reflecting investor demand for higher returns. Treasury Bills remain one of the Federal Government’s key tools for short-term borrowing and liquidity management in the financial system.
Market analysts say the upcoming auction will be closely watched by investors to see whether yields will continue to rise, particularly for longer-tenor securities, amid sustained demand for government debt instruments.
