LAGOS, July 3 – The Central Bank of Nigeria (CBN) plans to raise ₦5.8 trillion ($4.2 billion) through Treasury Bills between July and September 2026, its largest quarterly issuance programme this year as it continues efforts to manage liquidity and support government financing.
According to the CBN’s third quarter Treasury Bills Issuance Programme, the auction calendar runs from July 1 to September 23 with 13 scheduled auctions across the period.
After accounting for Treasury Bills worth about ₦2.64 trillion that will mature during the quarter, the programme points to net new borrowing of roughly ₦3.16 trillion, a sharp increase from the previous quarter.
The one year Treasury Bill remains the government’s preferred instrument, with ₦4 trillion, about 69% of the planned issuance, allocated to the 364 day tenor. The remaining amount includes ₦900 billion each for the 91 day and 182 day bills.
The biggest auction sessions are expected on July 8, July 29, August 5, August 12, August 26 and September 2, with each offering around ₦700 billion. However, no new auctions are planned for July 22 and August 19 despite maturing bills on both dates, creating temporary liquidity before later sales.
The expanded programme follows strong investor demand in recent months. Although the CBN initially planned to issue ₦3.95 trillion in the second quarter, actual allotments approached ₦5 trillion after subscriptions exceeded the advertised offers.
Recent Treasury Bill auctions have also attracted demand well above offer sizes, with the one year bill closing at a stop rate of 17.34% during the June 17 auction.
