Central Bank of Nigeria Allocates N8.14tn in T-Bills

In the third quarter of 2026, the Central Bank of Nigeria allotted N8.14tn through Treasury bills auctions, exceeding its issuance target of N5.8tn by N2.34tn. This significant over-allotment was driven by robust investor demand, particularly for the longer-dated 364-day Treasury bill, which constituted N7.09tn, or approximately 87 percent, of the total allotments.

A review of eight Treasury Bills auctions conducted from July to September revealed that total allotments were 40.34 percent above the planned issuance for the quarter. The demand for the 364-day bill was sustained as yields remained attractive, peaking at 17.70 percent on July 8 before declining to 17.59 percent on August 12 and further to 17.15 percent on August 26.

The remaining allotments were made up of the 91-day and 182-day bills during these auctions.