CBN to Raise ₦850bn in Treasury Bills March 11

The Central Bank of Nigeria (CBN) has announced plans to raise ₦850bn through a fresh Treasury Bills auction on March 11, 2026, bringing the total raised within one week to about ₦2 trillion.

According to the tender notice sent to primary market dealers, the auction will be conducted on behalf of the Debt Management Office (DMO) using the Dutch auction system, with settlement scheduled for March 12.

The offer includes ₦100bn in 91-day bills, ₦150bn in 182-day bills, and ₦600bn in 364-day bills. Investors must submit bids electronically via the CBN’s Scripless Securities Settlement System (S4) between 8:00 a.m. and 11:00 a.m. on auction day.

The announcement follows a March 4 auction where the CBN raised ₦1.01 trillion from investors after strong oversubscription, particularly for the 364-day bill, which attracted ₦2.13 trillion in bids against ₦800bn offered.

Stop rates settled higher at 15.95% for 91-day bills, 16.65% for 182-day bills, and 16.73% for 364-day bills, with the one-year instrument recording the sharpest yield increase.

The CBN said the digital auction process enhances transparency, reduces operational errors, and ensures pricing reflects actual investor demand. Successful bidders will receive allotment letters on March 12, with payments due the same day.

Analysts note that investor demand patterns signal a push for higher interest rates despite strong liquidity, with longer-tenor instruments offering relatively higher returns.

Treasury Bills remain one of the Federal Government’s key tools for short-term borrowing and liquidity management, and market participants will closely watch the March 11 auction to see if yields continue trending upward.