CBN Auctions N450 Billion in Treasury Bills on October 14

On October 14, 2026, the Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), is conducting a primary market auction offering N450 billion in Nigerian Treasury Bills (NTBs). This auction is the second of the fourth quarter and includes N50 billion each in 91-day and 182-day bills, and N350 billion in 364-day bills, with settlement set for October 15.

The one-year tenor constitutes 77.78% of the offer, indicating its prominence in the Q4 Treasury bill issuance program. This auction is the smallest planned for Q4 2026, lower than the N500 billion smallest offer in the previous quarter.

Only N80.84 billion in Treasury bills is maturing on October 15, making the offer approximately 5.57 times the maturing amount. A full allotment would result in a net liquidity withdrawal of about N369.16 billion.

Recent auctions have shown strong demand for the 364-day bill, with the previous auction on October 7 allotting N968.47 billion against a N900 billion offer. Analysts expect continued demand for longer-duration naira assets, although market conditions will influence stop rates.