The Central Bank of Nigeria will test investor demand with a ₦750 billion Treasury Bills auction.
The sale on April 22, 2026 marks April’s second auction.
Auction Plan
The Federal Government continues its borrowing plan through the Debt Management Office.
The CBN has structured the offer to favour longer-term instruments.
It will issue ₦100 billion in 91-day bills, ₦100 billion in 182-day bills, and ₦550 billion in 364-day bills.
T-Bill Offer Structure
The bank will run the auction using the Dutch system, allowing market demand to determine yields.
Investors will submit bids electronically through the Scripless Securities Settlement System between 8:00 a.m. and 11:00 a.m.
The minimum subscription stands at ₦50,001,000.
Auction Process
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The CBN will publish results on the same day, giving investors quick feedback on demand.
Successful bidders will receive allotment notices on April 23 and must complete payment by 11:00 a.m. on settlement day.
The central bank may still adjust the total offer depending on market conditions.
Liquidity in the financial system remains strong, supporting steady participation from investors.
Government securities continue to attract demand from institutions seeking stable returns.
The 364-day bill is expected to draw the strongest interest as investors aim to secure higher yields.
Rising interest rate expectations are also shaping demand, encouraging investors to lock in returns now.
Market analysts will watch the auction closely for signals on yield direction and investor sentiment.
Overall, the Treasury Bills programme remains a key tool for government financing and liquidity management.
