CBN to auction N500 billion in Treasury Bills September 10, lowest offer size of Q3 2026

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.

What the data is saying:

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.

• 91-day bill: N100 billion on offer
• 182-day bill: N100 billion on offer
• 364-day bill: N300 billion on offer
• Total offer: N500 billion
• All 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 Wednesday, September 9, 2026.
• Each bid must be in multiples of N1,000, subject to a minimum of N50,001,000.
• Dealers are permitted to submit multiple bids on their own account or on behalf of non-Money Market Dealers and members of the public.
• The auction result is expected to be announced on Wednesday, September 9, 2026, while allotment letters will be issued on Thursday, September 10, 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.

More insights:

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.

• The programme comprises N900 billion in 91-day, N900 billion in 182-day and N4 trillion in 364-day bills.
• The 364-day bill accounts for about 69% of planned issuance, making it the dominant instrument.
• Treasury Bills worth N2.644 trillion are expected to mature during the quarter.
• After repayment of maturities, the programme implies an estimated net new borrowing of N3.16 trillion.

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.

What you should know:

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.

• The CBN is offering N1.7 trillion in September, and the September 8 offer is the second auction of the three final auctions of Q3 programmes.
• In most sessions of previous auctions including July 8, July 29, August 12 and August 26, the apex bank offered N700 billion apiece, consistently drawing oversubscriptions and above offer targets.
• The reduced offer size comes just a week after the CBN’s September 2, 2026 auction, where the 364-day stop rate fell 31 basis points to 16.84% from 17.15%, even as the tenor drew N3.24 trillion in subscriptions against a N700 billion offer.
• That marked a second consecutive rate cut at the long end, following a 44-basis-point reduction at the August 26 auction, bringing the cumulative decline in the one-year stop rate to 75 basis points over two auctions.
• Nairametrics also reported that an estimated N2.94 trillion in OMO maturities is expected to flow into the financial system this week, up 30.67% from N2.25 trillion the previous week, accounting for roughly 97.5% of total projected system liquidity inflows of N3.02 trillion.

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.