By Boluwatife Oshadiya | June 15, 2026
Key Points
- CBN will offer N1 trillion in Treasury bills at Wednesday’s primary market auction
- Auction size was increased from N450 billion under the revised second-quarter calendar
- Analysts expect cautious trading sentiment ahead of the sale
Main Story
The Central Bank of Nigeria (CBN), through the Debt Management Office (DMO), is set to offer N1 trillion worth of Nigerian Treasury bills for subscription at Wednesday’s primary market auction as authorities intensify efforts to manage liquidity conditions in the financial system.
According to a revised second-quarter Treasury bills issuance calendar, the June 17, 2026 auction size was increased from N450 billion to N1 trillion, representing one of the largest Treasury bill offerings in recent months.
Market analysts believe the increase is aimed at further absorbing excess liquidity following recent large inflows into the banking system. However, the impact could be partly moderated by the N206.85 billion worth of Treasury bills scheduled to mature on June 18.
The announcement comes as yields in the fixed-income market continue to trend higher. Average Treasury bill yields across both the Nigerian Treasury Bill (NTB) and OMO segments rose by eight basis points week-on-week to 18.83%.
The Treasury bill market accounted for most of the weakness, with average yields climbing to 17.69%, while OMO yields increased to 20.98% amid sustained sell pressure.
“With Wednesday’s auction in focus, a cautious tone is likely to prevail across the fixed-income market in the near term,” market analysts said in their outlook.
What’s Being Said
“The upward adjustment in auction size suggests continued efforts by authorities to moderate system liquidity and maintain tight monetary conditions,” fixed-income analysts noted.
“Higher yields are likely to sustain investor interest, particularly among institutional investors seeking attractive returns,” market strategists said.
What’s Next
- The Treasury bills auction is scheduled for June 17, with results expected shortly after the sale.
- Investors will assess allotment levels and stop rates for clues about the CBN’s liquidity management strategy.
- The Monetary Policy Committee’s future policy direction will remain a key consideration for fixed-income investors.
The Bottom Line:
The decision to increase the Treasury bills offering to N1 trillion signals that liquidity control remains a priority for policymakers. With yields still elevated, investor demand is expected to remain strong, reinforcing the attractiveness of Nigeria’s fixed-income market.
, through the Debt Management Office (DMO), is set to offer N1 trillion worth of Nigerian Treasury bills...){kind=link}