CBN offers N900bn at first NTB auction of Q4 2026
The Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), will offer N900 billion in Nigerian Treasury Bills (NTBs) on Wednesday, October 7, 2026, with the one-year instrument accounting for the bulk of the offer.
According to the auction notice, the DMO will offer N100 billion each in 91-day and 182-day bills, and N700 billion in 364-day bills, with settlement scheduled for Thursday, October 8.
The apex bank stated that the indicative NTB issuance calendar will be released in due course.
The quarterly programme outlines, among other details, how much the government plans to offer and how much of the old bills are expected to mature during the quarter, auction and maturity dates.
The auction is the first NTB sale of the fourth quarter 2026 and comes as the one-year stop rate sits at 15.89% at previous auctions, following a sustained decline in rates and the Monetary Policy Committee’s 350-basis-point reduction in the Monetary Policy Rate to 23.00%.
The 364-day bill accounts for N700 billion, or approximately 77.8%, of the total amount being offered at the October 7 auction. The shorter 91-day and 182-day instruments each account for N100 billion, representing about 11.1% apiece.
The structure maintains the DMO’s recent emphasis on the longer-dated Treasury bill, which has also attracted the bulk of investor demand at recent auctions.
The total amount on offer is N900 billion across the three standard NTB tenors.
The 91-day bill has an offer size of N100 billion, while another N100 billion is allocated to the 182-day instrument.
The 364-day bill has an offer size of N700 billion, representing more than three-quarters of the total auction.
Settlement is scheduled for October 8, while the Fourth Quarter 2026 NTB issuance calendar is expected to be circulated subsequently.
The auction notice did not state the stop rates, bid limits or submission deadline, leaving the eventual pricing to emerge from the auction results.
