Lagos, Nigeria – The Central Bank of Nigeria (CBN) plans to auction N3.95 trillion (approximately $2.52 billion) in Treasury Bills in the second quarter of 2026, beginning from April 8, with a projected net issuance of N750 billion after settling N3.2 trillion in maturing bills by the end of June.
Okay News reports that the issuance calendar shows a strong bias toward longer-dated instruments, with N2.85 trillion allocated to 364-day Treasury Bills. The CBN plans to issue N700 billion in 91-day bills and N400 billion in 182-day bills, reflecting lower emphasis on short-term tenors.
The issuances will be conducted in six sessions over three months. The first two auctions of N700 billion and N750 billion are scheduled for April 8 and 22, followed by auctions on May 6 and 20, and final auctions on June 3 and 17.
During the same period, total maturities of N3.2 trillion are scheduled for settlement across the three months. Analysts note that the dominance of 364-day instruments allows the CBN to extend maturities, reduce refinancing frequency, and stabilise short-term rates while maintaining tight liquidity conditions.
Charles Fakrogha, CEO of ECL Asset Management Ltd, stated that the heavy tilt toward 364-day bills reflects investor appetite for yield certainty. He noted that elevated yields may provide a compelling risk-free alternative that could trigger portfolio rebalancing away from equities.
The CBN uses Treasury Bills as a primary open market operations tool to regulate liquidity in the banking system. When issuance exceeds maturities, liquidity is withdrawn from the system. This Q2 Treasury Bills auction signals continued liquidity tightening while balancing investor demand and macroeconomic stability objectives.
