The Central Bank of Nigeria (CBN) is set to auction N5.8 trillion worth of Treasury Bills (NTBs) between July and September 2026, its largest quarterly issuance programme this year, as it intensifies efforts to mop up excess liquidity, curb inflation and support the naira.
The Q3 2026 Treasury Bills Issuance Programme shows the apex bank plans to conduct 13 auctions between July 1 and September 23, signalling a more aggressive liquidity management strategy than in previous quarters.
After deducting N2.64 trillion worth of Treasury Bills expected to mature during the quarter, the programme translates to net new borrowing of about N3.16 trillion, more than four times the planned net issuance in the second quarter.
The expanded issuance comes as the Federal Government grapples with a fiscal deficit estimated at N29.2 trillion while seeking to maintain attractive yields that continue to draw strong investor demand.
The programme shows the CBN is placing greater emphasis on longer-dated securities.
Of the N5.8 trillion planned issuance:
- N900 billion will be offered in 91-day Treasury Bills.
- N900 billion will be issued in 182-day bills.
- N4 trillion, about 69 per cent of the total programme, will be raised through 364-day Treasury Bills.
Meanwhile, Treasury Bills worth N2.644 trillion are scheduled to mature during the quarter, including:
- N550.83 billion in 91-day bills;
- N503.19 billion in 182-day bills; and
- N1.591 trillion in 364-day bills.
The difference between planned issuance and maturing obligations leaves a net borrowing requirement of approximately N3.16 trillion.
The largest auction sessions are expected on July 8, July 29, August 5, August 12, August 26 and September 2, with each expected to offer around N700 billion in Treasury Bills.
The programme also includes two weeks, July 22 and August 19, when maturing Treasury Bills worth N378.43 billion and N429.23 billion, respectively, will not be replaced immediately. Analysts say these temporary gaps could inject liquidity into the financial system before subsequent auctions absorb the excess funds.
Market analysts say the larger issuance reflects a deliberate effort by monetary authorities to reduce money supply, contain inflation and strengthen exchange rate stability, even though it comes with higher borrowing costs.
