, acting on behalf of the Debt Management Office (DMO), yesterday offered N700 billion worth of NTBs.){kind=link}
CBN Raises N700bn From Treasury Bills in August auction
The Central Bank of Nigeria (CBN), acting on behalf of the Debt Management Office (DMO), yesterday offered N700 billion worth of Nigerian Treasury Bills (NTBs) at its second and final auction for August 2026.
The auction covered three maturities: 91-day, 182-day and 364-day bills, with the largest allocation reserved for the one-year tenor.
According to the Invitation to Tender for the Treasury Bills auction, authorised Money Market Dealers were directed to submit bids through the CBN S4 Web Interface.
The bid was done between 8:00 a.m. and 11:00 a.m.
The offer comprised N100 billion for the 91-day bill, N100 billion for the 182-day bill and N500 billion for the 364-day bill.
Money Market Dealers were permitted to submit multiple bids either for their own accounts or on behalf of non-Money Market Dealers and members of the public.
Each bid must be in multiples of N1,000, with a minimum bid of N50.001 million.
The allotment letters are scheduled to be issued on Thursday, August 27. Successful bidders are expected to make payment to the CBN no later than 11:00 a.m. on the settlement date.
The latest auction came after the CBN cancelled its initial August 6 NTB auction, which had also been scheduled to offer N700 billion.
The cancellation followed the CBN’s absorption of about N4.69 trillion from the banking system through back-to-back Open Market Operations (OMO) auctions on August 3 and 4, raising concerns that proceeding with another large Treasury Bills auction could place additional pressure on system liquidity.
The apex bank subsequently returned to the primary market on August 12 with another N700 billion offer.
That auction recorded strong investor demand, attracting total subscriptions of about N4.4 trillion. The 364-day bill accounted for the bulk of the demand, receiving N4.19 trillion in bids against an offer of N500 billion.
Despite the overwhelming demand, the CBN raised the stop rate on the 364-day bill to 17.59 per cent, up from 17.35 per cent at the previous auction.
The 91-day and 182-day bills maintained stop rates of 16.30 per cent and 16.50 per cent respectively.
The CBN ultimately allotted about N1.456 trillion across the three tenors, more than twice the advertised N700 billion offer.
The August 12 auction marked a departure from the rate reductions recorded at the July 15 and July 29 Treasury Bills auctions, when the apex bank lowered the stop rate on the 364-day instrument amid strong demand.