The Central Bank of Nigeria (CBN) is offering N650 billion for auction at the Nigerian Treasury Bills (NTBs) auction scheduled for Wednesday, May 20, 2026, marking the second issuance for the month in line with the Federal Government’s second-quarter borrowing calendar.
The planned auction was disclosed in an official tender notice issued by the apex bank on behalf of the Debt Management Office (DMO), setting May 20 deadline for submission of bids.
The issuance forms part of the government’s broader domestic borrowing strategy aimed at funding short-term obligations, managing liquidity conditions, and supporting fiscal operations in the second quarter of the year.
What the data is saying
According to the CBN’s tender notice, the sum of N650 billion will be offered across three maturities through the Dutch auction system.
According to the notice seen by Nairametrics, the apex bank will offer:
- N100 billion in 91-day Treasury Bills
- N50 billion in 182-day Treasury Bills
- N500 billion in 364-day Treasury Bills
Authorized Money Market Dealers are expected to submit bids electronically through the CBN S4 WEB Interface between 8:00 a.m. and 11:00 a.m. on Wednesday, May 20, 2026.
The minimum subscription has been pegged at N50.001 million, while bids must be submitted in multiples of N1,000 thereafter. Dealers are permitted to submit multiple bids on behalf of themselves, institutional investors, and interested members of the public.
- The result of the auction is expected to be announced on May 20, while allotment letters for successful bidders will be issued on Thursday, May 21, 2026.
- Successful subscribers are also expected to make payments to their accounts with the CBN not later than 11:00 a.m. on the settlement date.
However, the apex bank noted that it reserves the right to vary the amount on offer depending on prevailing market conditions at the time of the auction.
More insights:
The second May auction follows the earlier NTB issuance conducted on May 7, where the CBN targeted N700 billion across the same three tenors.
- Market analysts expect the 364-day instrument to attract the strongest investor demand due to its relatively higher yield profile compared to shorter-dated bills.
- Liquidity levels within the financial system are also expected to continue supporting robust participation from institutional investors, particularly pension fund administrators, asset managers, banks, and other fixed-income investors.
- Investors are increasingly positioning for attractive stop rates amid evolving monetary conditions and expectations around interest rate direction in the domestic debt market.
Analysts say the outcome of the auction will provide additional clues on investor appetite, yield direction, and overall market sentiment as the second quarter progresses.
What you should know:
Nigeria’s Treasury Bills market remains one of the Federal Government’s key instruments for short-term borrowing and liquidity management.
- The Q2 2026 NTB calendar targets about N3.95 trillion in total issuances to support government financing needs during the quarter.
- Earlier in May, the CBN announced a N700 billion Treasury Bills auction comprising N100 billion, N50 billion, and N550 billion across the 91-day, 182-day, and 364-day tenors respectively.
- In April 2026, the apex bank also exceeded its planned borrowing targets during two NTB auctions. While N700 billion and N750 billion were initially offered on April 8 and April 22 respectively, the CBN eventually allotted N731.38 billion and N894.36 billion from both auctions.
- Total allotments from the two April auctions stood at approximately N1.63 trillion, reflecting strong investor appetite for government securities despite changing monetary conditions.
Market participants will closely monitor subscription levels, allotment volumes, and stop rates from Wednesday’s auction, particularly for the one-year bill, which remains the market’s preferred tenor amid prevailing yield conditions.
