LAGOS – The Central Bank of Nigeria is set to auction ₦750 billion in Treasury Bills on Wednesday, April 22, 2026, to manage liquidity and support federal government short-term funding.
This second primary market auction for April follows an exceptionally high investor appetite during the previous session, which saw total bids exceeding ₦2.95 trillion against a ₦700 billion offer.
The offer is divided into three tenors, with the 364-day long-term instrument accounting for the bulk of the issuance at ₦550 billion to lock in extended investor commitments.
The remaining ₦200 billion is split equally between the 91-day and 182-day tenors, both offered at ₦100 billion each to satisfy short-to-medium term institutional requirements in the money market.
Investors are expected to submit bids via the Dutch Auction system between 8:00 a.m. and 11:00 a.m., with successful participants paying the specific price they quoted during the session.
Market analysts anticipate a possible decline in stop rates, following the trend from April 8 where the 364-day bill dropped by 23 basis points to settle at 16.20%.
The massive ₦750 billion issuance comes as the banking system grapples with excess liquidity, which recently surged above ₦8 trillion, prompting the apex bank to intensify its mop-up operations.
This auction is a key component of the CBN’s ₦3.95 trillion borrowing plan for the second quarter of 2026, aimed at balancing inflation control with government debt sustainability goals.
Settlement for successful bidders is scheduled for Thursday, April 23, 2026, effectively removing ₦750 billion from the financial system as the central bank maintains its hawkish monetary policy stance.
