CBN To Raise N5.8trn Via Treasury Bills As N2.64trn Securities Mature

The Central Bank of Nigeria (CBN) plans to raise N5.8 trillion through Nigerian Treasury Bills (NTBs) in the third quarter of 2026, even as N2.64 trillion in treasury bills are scheduled to mature during the same period.

According to the CBN’s Third Quarter 2026 Nigerian Treasury Bills Issue Programme, the apex bank will offer N900 billion each in the 91-day and 182-day tenors, while N4 trillion will be raised through the 364-day instrument, bringing the total planned issuance for the quarter to N5.8 trillion.

The issuance programme shows that N550.83 billion in 91-day bills, N503.19 billion in 182-day bills, and N1.59 trillion in 364-day bills will mature between July and September, for a total of N2.64 trillion.

The planned issuance exceeds the value of maturing securities by about N3.16 trillion, indicating the CBN’s continued efforts to absorb excess liquidity from the financial system through treasury bill sales.

A breakdown of the calendar indicates that the CBN will conduct treasury bill auctions almost every week throughout the quarter, from July to September.

The largest maturity is scheduled for September 3, when treasury bills valued at N734.81 billion will fall due. The maturing securities comprise N131.18 billion in 91-day bills, N91.43 billion in 182-day bills and N512.19 billion in 364-day bills.

On the same date, the apex bank plans to issue N700 billion in fresh treasury bills, consisting of N100 billion each in the 91-day and 182-day tenors and N500 billion in the 364-day tenor.

Other significant maturities include N449.76 billion due on September 17, N429.23 billion on August 20 and N269.36 billion on July 9.

The issuance calendar further shows that N700 billion auctions will dominate the quarter, with the CBN consistently offering N100 billion each in the 91-day and 182-day tenors alongside N500 billion in one-year treasury bills on most auction dates.

However, smaller auctions worth N500 billion are scheduled for September 10 and September 24, when the CBN will issue N100 billion each in the 91-day and 182-day bills and N300 billion in the 364-day instrument.