The Central Bank of Nigeria (CBN) will raise ₦850 billion through a Treasury Bills auction on March 11, 2026.
Consequently, this auction will bring the total funds raised within one week close to ₦2 trillion.
CBN Targets ₦850 Billion Treasury Bills
The CBN sent a tender notice directly to primary market dealers, announcing the auction officially.
Furthermore, the notice came on behalf of the Debt Management Office (DMO), Nigeria’s debt manager.
The upcoming auction follows a successful sale on March 4, which attracted ₦1.01 trillion from investors.
Therefore, strong demand during the last auction indicates investors remain willing to chase higher interest rates.
The Federal Government will offer ₦850 billion across three tenors using the Dutch auction system.
Additionally, the CBN will settle the auction on March 12, the day following the sale.
Specifically, it will offer ₦100 billion in 91-day, ₦150 billion in 182-day, and ₦600 billion in 364-day Treasury Bills.
How Investors Participate
Investors must submit bids electronically via the CBN’s Scripless Securities Settlement System (S4) between 08:00–11:00.
Also, bids must be in multiples of ₦1,000, with a minimum subscription of ₦50,001,000 for all investors.
Read Also: CBN Allots ₦1.01Tn As ₦2.34Tn Bids Flood March 4 T-Bills
Moreover, authorised Money Market Dealers can submit multiple bids for themselves or interested members of the public.
Successful bidders will receive allotment letters on March 12 and must pay by 11:00 the same day.
During the last auction, 364-day bills attracted ₦2.13 trillion in bids against ₦800 billion on offer.
Consequently, stop rates climbed to 15.95% for 91-day, 16.65% for 182-day, and 16.73% for 364-day bills.
Market Signals And Outlook
The one-year bill yield jumped 0.83% points, reflecting strong repricing and higher returns for investors.
Importantly, the S4 system digitalises bid submissions, allocation, and settlement, reducing errors and improving transparency.
Under the Dutch auction, investors’ bids determine allocations, instead of fixed rates, rewarding higher-yield participants.
Treasury Bills remain crucial for government short-term borrowing and overall liquidity management in Nigeria.
Therefore, investors will closely watch the March 11 auction for signals on future yield trends.
