CBN to Offer N700 Billion in First NTB Auction for September 2026
The Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), will offer N700 billion across the 91-day, 182-day and 364-day Nigerian Treasury Bills (NTB) tenors at its first NTB auction for September 2026.
According to the Invitation to Tender obtained by Nairametrics, all Money Market Dealers are required to submit bids through the CBN S4 Web Interface between 8:00 a.m. and 11:00 a.m. on Wednesday, September 2, 2026.
The offer is structured as follows:
| Tenor | Amount on Offer |
| 91-day | N100 billion |
| 182-day | N100 billion |
| 364-day | N500 billion |
| Total | N700 billion |
The 364-day bill accounts for 71.4% of the total offer, continuing the CBN’s preference for longer-dated Treasury instruments as investors maintain strong demand for high-yielding fixed-income assets.
What You Should Know
The September auction forms part of the CBN/DMO’s N1.7 trillion Treasury Bills programme for September 2026. The N700 billion auction scheduled for September 2 is among the three final NTB auctions of Q3 2026.
The heavy allocation toward the 364-day tenor means the CBN is offering substantially more one-year paper than shorter-dated instruments. This could provide investors with an opportunity to lock in prevailing yields for a longer period, while also allowing the government to raise a significant portion of its short-term financing requirement through longer-maturity bills.
The auction also comes against a backdrop of strong investor appetite for Treasury Bills. At the previous NTB auction on August 26, investors submitted about N3.79 trillion in total subscriptions against N700 billion offered, with the 364-day instrument accounting for roughly 95.9% of total demand.
However, the CBN cut the stop rate on the 364-day bill by 44 basis points to 17.15%, despite receiving more than seven times the amount offered in subscriptions.
The outcome of the September 2 auction will therefore provide an important indication of whether investor demand for longer-dated government securities remains strong and whether the CBN will continue reducing yields despite substantial demand.
For investors, the key figures to watch will be subscription levels, allotment size and stop rates, particularly for the 364-day bill, which represents the largest portion of the September offer.
