 has announced plans to issue ₦2 trillion in Treasury Bills (T-bills) in July 2026.){kind=link}
CBN Plans ₦2trn T-Bill Issuance in July
The Central Bank of Nigeria (CBN) has announced plans to issue ₦2 trillion in Treasury Bills (T-bills) in July 2026, its largest monthly issuance this year.
With only ₦647.79 billion in existing bills maturing during the month, the programme will result in a net liquidity withdrawal of about ₦1.35 trillion from the banking system.
The July issuance is the first phase of the CBN’s Q3 T-bills programme, under which it aims to raise ₦5.8 trillion between July and September, against maturities of ₦2.64 trillion, implying net new borrowing of ₦3.16 trillion.
The first auction is scheduled for July 8, offering ₦700 billion across three tenors: ₦100bn in 91-day bills, ₦100bn in 182-day bills, and ₦500bn in 364-day bills.
On the same day, ₦269.36bn in bills will mature, resulting in a net withdrawal of ₦430.64bn.
Further auctions will take place on July 15 (₦600bn) and July 29 (₦700bn). No auction is planned for July 22, though ₦378.43bn in bills will mature, temporarily boosting liquidity before the end-of-month auction absorbs much of it.
Stop rates remain unchanged: 16.28% for 91-day bills, 16.50% for 182-day bills, and 17.34% for 364-day bills.
The CBN said the programme is designed to manage liquidity, curb inflation, and stabilise the financial system. By issuing more securities than those maturing, the bank removes excess cash from circulation, though this could keep short-term interest rates high and raise borrowing costs for businesses and households.
Overall, the July issuance underscores the CBN’s commitment to tightening monetary conditions while supporting government financing needs, with investors expected to closely monitor demand and yields in the coming auctions.