The Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), will offer N800 billion in Nigerian Treasury Bills (NTBs) for auction today, November 4, 2026, as maturing securities exceed N872 billion.
According to an Invitation to Tender obtained by Nairametrics, the offer covers the 91-day, 182-day and 364-day instruments, with the one-year bill accounting for the largest share.
The auction comes amid substantial banking-system liquidity and follows the DMO’s decision to leave most investor bids unallotted at its previous Treasury Bills auction.
The N800 billion offer comprises N100 billion each for the 91-day and 182-day Treasury Bills and N600 billion for the 364-day instrument.
Money Market Dealers are required to submit bids through the CBN S4 WEB INTERFACE between 8:00 a.m. and 11:00 a.m. on November 4.
Allotment letters will be issued to successful bidders on November 5, with payment due by 11:00 a.m. that day.
If the entire N800 billion offer is allotted, repayments will exceed fresh issuance by N72.546 billion, leaving a net repayment surplus before other liquidity movements.
However, the final liquidity effect will depend on the amount actually allotted, as the DMO may accept less than the advertised offer.
The auction also comes after substantial OMO maturities, which have contributed to elevated liquidity within the banking system.
The November 4 auction mirrors the October 28 offer, when the CBN advertised N800 billion across the same three Treasury Bills tenors.
The October 28 auction was the second consecutive sale in which most investor bids went unfilled.
At the October 14 auction, approximately 74% of bids were not allotted, while the one-year stop rate increased by five basis points to 15.90%.
By comparison, the October 7 auction recorded N968.47 billion in allotments against a N900 billion offer, with the 364-day stop rate at 15.85%.
The latest one-year stop rate of 15.80% also remained below the 16.62% recorded at the September 9 auction.
Banking-system liquidity remained substantial ahead of today’s Treasury Bills auction, providing a potential source of demand for government securities.
The larger volume of maturing Treasury Bills could support reinvestment demand as investors receive repayments and consider new government securities.
However, strong subscriptions do not necessarily translate into equally large allotments, as demonstrated by the October 28 auction.
The DMO’s willingness to limit allotments rather than accept higher borrowing rates has also coincided with declining Treasury Bills stop rates.
Today’s auction result will therefore indicate whether selective allotments continue as substantial maturities return funds to investors.
