The Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), has issued an Invitation to Tender for Nigerian Treasury Bills (NTB) of 91-day, 182-day and 364-day tenors, totalling N500 billion, to be auctioned by Dutch auction on Wednesday, September 9, 2026.
The offer notice obtained by Nairametrics on Tuesday, September 8, 2026, directed all Money Market Dealers to submit bids through the CBN S4 WEB INTERFACE between 8.00 a.m. and 11.00 a.m. on Wednesday, September 9, 2026.
Allotment letters would be issued for successful bids on Thursday, September 10, 2026, while payment for the successful bids should be made to your account with Central Bank of Nigeria not later than 11.00 a.m. on Thursday September 10, 2026.
The offer is broken down as N100 billion for the 91-day bill, N100 billion for the 182-day bill, and N300 billion for the 364-day bill, marking a notable step down from the N700 billion offers that have defined most of the CBN’s larger auction sessions through Q3 2026.
Payment for successful bids is due to the CBN not later than 11:00 a.m. on the same day. The apex bank reserves the right to reject any bid or vary the amount on offer in line with prevailing market conditions.
Under the Q3 NTB programme, the Debt Management Office (DMO) along with the CBN planned to issue N5.8 trillion in Treasury Bills between July and September 2026.
Under the original programme plans, the apex scheduled major N700 billion auctions for July 8, July 29, August 5, August 12, August 26 and September 2.
This week’s N500 billion offer is the smallest single Treasury Bills auction size recorded across the entire Q3 2026 NTB Issuance Programme, which targeted N5.8 trillion in gross issuance between July and September.
With rates already easing at the long end for two straight auctions, and analysts widely expecting the CBN to begin cutting rates at its September Monetary Policy Committee meeting, Thursday’s auction result will be closely watched for further signals of the apex bank’s near-term policy direction, particularly given the smaller offer size and the scale of OMO liquidity due to hit the system this week.
