The Central Bank of Nigeria (CBN) has announced plans to raise ₦750 billion through a Treasury Bills (T-Bills) auction scheduled for April 22, 2026, marking the second Treasury Bills sale for the month of April. The move aligns with the Federal Government’s domestic borrowing strategy for the second quarter of 2026.
According to the official tender notice, the ₦750 billion offering will be split across three maturities:
- ₦100 billion in 91-day Treasury Bills
- ₦100 billion in 182-day Treasury Bills
- ₦550 billion in 364-day Treasury Bills
The auction will be conducted using the Dutch Auction System, where yields are determined by investor demand. Bids are expected to be submitted electronically through the Scripless Securities Settlement System (S4) between 8:00 a.m. and 11:00 a.m. on auction day. The minimum subscription amount has been set at ₦50,001,000.
Successful bidders are expected to receive allotment letters on April 23, while payment settlement is due by 11:00 a.m. on the settlement date. The CBN also retains the discretion to adjust the total amount raised depending on market conditions.
Why It Matters
This auction forms part of the Federal Government’s broader plan to issue ₦3.95 trillion in Treasury Bills during Q2 2026, with a net issuance target of ₦750 billion after accounting for maturing obligations. Treasury Bills remain a key tool for managing short-term government financing needs and controlling liquidity in the financial system.
Market Outlook
Analysts expect the 364-day instrument to attract the strongest demand, as investors continue seeking higher-yielding, low-risk assets. Previous auctions in April recorded strong oversubscription, reflecting sustained appetite from institutional investors and high system liquidity.
Investor Focus
Market participants will closely monitor this auction for signals on:
- Future interest rate direction
- Investor sentiment in fixed income markets
- Liquidity conditions in the banking system
- Yield movement on longer-term government securities
The results of the auction may also provide insight into the CBN’s broader monetary tightening stance as Nigeria navigates inflation and liquidity management challenges.
