The Central Bank of Nigeria (CBN) has announced plans to offer N650 billion worth of Nigerian Treasury Bills at its auction scheduled for Wednesday, May 20, 2026, as part of the Federal Government’s domestic borrowing programme for the second quarter.
The issuance was disclosed in a tender notice issued on behalf of the Debt Management Office, which confirmed that bids must be submitted by authorised money market dealers by the deadline on May 20.
The auction forms part of government efforts to finance short-term obligations, manage liquidity in the financial system, and support fiscal operations under the 2026 borrowing calendar.
According to the notice, the total offer will be split across three maturities under the Dutch auction system:
N100 billion in 91-day Treasury Bills
N50 billion in 182-day Treasury Bills
N500 billion in 364-day Treasury Bills
Dealers will submit bids electronically via the CBN S4 WEB interface between 8:00 a.m. and 11:00 a.m. on auction day, with a minimum subscription of N50.001 million.
The central bank noted that successful bidders will receive allotment results on the same day, while payments must be completed by May 21, 2026.
The Central Bank of Nigeria also retained the discretion to adjust the size of the offer depending on market conditions.
This latest auction follows a previous NTB issuance earlier in May where the CBN targeted N700 billion across similar maturities.
Market analysts expect strong investor demand for the 364-day instrument, which typically offers higher yields and remains the most attractive tenor for institutional investors such as pension fund administrators, banks, and asset managers.
Liquidity in the financial system is also expected to support robust participation, as investors continue to seek higher returns amid evolving interest rate expectations.
The Nigerian Treasury Bills market remains a key instrument for government short-term financing and liquidity management, with the Q2 2026 issuance calendar targeting approximately N3.95 trillion in total offerings.
Earlier auctions in April 2026 significantly exceeded expectations, reflecting sustained demand for government securities despite changing monetary conditions.
Analysts say the outcome of Wednesday’s auction will provide important signals on yield direction, investor sentiment, and overall market liquidity trends in the coming weeks.
