The Central Bank of Nigeria has unveiled plans to auction N1.05 trillion worth of Treasury Bills on March 5, 2026, comprising 91-day, 182-day, and 364-day tenors, as liquidity conditions remain tight.

Details of the offer were outlined in an official tender notice issued by the apex bank on behalf of the Debt Management Office, according to Nairameteics.

The sale represents the first Nigerian Treasury Bills auction since the CBN’s recent interest rate cut and is expected to signal the likely direction of yields in the fixed income market.

According to the notice, the Federal Government of Nigeria will offer N100 billion in 91-day bills, N150 billion in 182-day bills, and N800 billion in 364-day bills.

The auction is set for Thursday, March 5, 2026, and will use the Dutch auction system.
Investors interested in participating must submit their bids electronically via the CBN’s Scripless Securities Settlement System.

The CBN has directed that all authorized Money Market Dealers submit their bids electronically via the CBN S4 Web Interface between 8:00 a.m. and 11:00 a.m. on Wednesday, March 4, 2026, with auction results scheduled for announcement the same day.

The Federal Government of Nigeria plans to offer N100 billion in 91-day bills, N150 billion in 182-day bills, and N800 billion in 364-day bills. Bids must be in multiples of N1,000, with a minimum subscription of N50,001,000.

Dealers are permitted to submit multiple bids on their own behalf, on behalf of non-money market dealers, or for other interested members of the investing public.

The CBN also noted that it reserves the right to reject any bid and may adjust the total amount on offer based on current market conditions.

Through the Dutch auction system, the CBN allows market forces to set the interest rates, or yields, on Treasury Bills. In this setup, investors indicate both the amount they want to purchase and the yield they are willing to accept.

Allocation of bills begins with the lowest yield and continues upward until the total offering is fully subscribed.