CBN raises N8.14tn from T-bills in Q3, beats target by N2.34tn

By Opara Emmanuella Isioma | 28th september 2026

Key points

• – The CBN raised N8.14tn through Treasury bills in Q3 2026. The target was N5.8tn, so it went over by N2.34tn.
• -This came from eight auctions held between July and September.
• -Total allotments were 40.34 per cent above the planned amount.
• -The 364-day bill took N7.09tn, which is 87 per cent of the total.
• -The 364-day stop rate fell from 17.70 per cent on July 8 to 15.89 per cent on September 23. That is a fall of 181 basis points.

Main story

The Central Bank of Nigeria raised N8.14tn through Treasury bills issuances in the third quarter of 2026, exceeding the Debt Management Office’s N5.8tn target by N2.34tn as investor demand surpassed the government’s borrowing plans.

A review of eight Nigerian Treasury Bills auctions conducted between July and September showed that total allotments were 40.34 per cent above the planned issuance for the quarter.

The 364 day Treasury bill accounted for the largest share of the funds raised, attracting N7.09tn, representing 87 per cent of total allotments during the period.

The concentration of borrowing in the one year instrument came amid high yields recorded in July and August, which sustained investor interest in government securities.

However, yields began to decline in September following a shift in monetary policy, with the CBN lowering stop rates across the three Treasury bill tenors.

What’s being said

The Punch story does not include quotes from analysts, the CBN or the DMO. Its main point is that demand was higher than the government’s plans. It also says the fall in rates shows a change in borrowing costs in the primary Treasury bills market. If you want this section to be stronger, you will need to add a quote from an analyst or official.

What’s next

The Punch story does not say what comes next. The only forward-looking link is that yields started falling after a change in monetary policy, so you could ask whether that trend will continue in the fourth quarter. You would need another source to answer that.

Bottom line

The government raised far more than it planned in the quarter, mostly through one-year bills. Borrowing costs fell by the end of September, so the government is now paying less to borrow than it was in July.