CBN to Auction N3.95 Trillion Treasury Bills in Q2 2026

The Central Bank of Nigeria (CBN) has announced plans for a N3.95 trillion Treasury Bills auction scheduled for the second quarter of 2026, commencing on April 8. The auction will feature a net issuance amount of N750 billion, with the CBN projecting to settle N3.2 trillion in maturing bills by the end of June 2026.

This issuance strategy reflects a strong preference for longer-dated instruments, with N2.85 trillion representing the bulk of the issuance allocated to 364-day Treasury Bills. This approach aligns with investor demand to lock in higher yields in a high-interest-rate environment.

The CBN's scheduled settlements will occur over three months in June, with a cluster of maturities occurring within four weeks. Analysts note that the dominance of 364-day instruments allows the CBN to extend maturities and reduce refinancing frequency, thereby stabilizing short-term rates and maintaining tight liquidity conditions.

This program underscores the CBN's focus on tightening liquidity to balance investor demand and macroeconomic stability.