The Central Bank of Nigeria (CBN) will this week offer N700 billion worth of Nigerian Treasury Bills (NTBs) at the primary market auction scheduled for Wednesday, as the authority moves to refinance maturing obligations.
The auction is expected to replace N805.89 billion in NTBs set to mature during the week, and forms part of ongoing liquidity management efforts aimed at stabilising short-term interest rates across the fixed-income market.
According to the issuance schedule, the apex bank will open subscriptions for all standard tenors. A total of N100 billion will be offered for the 91-day paper, while N150 billion will be placed on the 182-day note. The largest tranche—N450 billion—will come from the 364-day bill, reflecting persistent demand for long-dated short-term securities.
Market analysts expect robust participation from banks, pension fund administrators, and asset managers, citing the considerable level of liquidity available ahead of expected T-bill and OMO repayments.
There were mixed opinions, however, regarding potential stop rates. At the previous auction, yields were held steady across the board: 15.30% for the 91-day bill, 15.50% for the 182-day bill, and 16.04% for the 364-day instrument.
With headline inflation easing gradually and monetary policy expected to shift towards a more accommodative stance, some analysts believe rates may remain unchanged or dip slightly. AAG Capital noted that the CBN may maintain its conservative posture, keeping yields broadly steady in light of market liquidity and the current bearish undertone.
 will this week offer N700 billion worth of Nigerian Treasury Bills (NTBs) at the primary market auction scheduled for Wednesday, as the authority moves to refinance maturing obligations.){kind=link}