Nigeria’s monetary authorities are preparing to open the month’s first Treasury Bills (T-bills) auction with a sizable ₦1.15 trillion on offer, as the Central Bank of Nigeria (CBN) moves to manage excess liquidity in the banking system.
The auction, scheduled for February 4, 2026, will be conducted by the Debt Management Office (DMO) on behalf of the CBN and will span three separate tenors. Market participants expect strong demand, underpinned by ample liquidity across the interbank market.
According to auction details, ₦150 billion worth of 91-day Nigerian Treasury Bills will be made available to investors. In addition, the CBN will offer ₦150 billion in 182-day bills, while the largest portion—₦800 billion—will be issued under the 364-day maturity, bringing the total issuance to ₦1.15 trillion.
Analysts believe the auction could attract aggressive bids, particularly from institutional investors seeking yield in a market with limited alternatives. AAG Capital Limited noted that the strong appetite for Nigerian Treasury Bills is partly due to the lack of comparable low-risk instruments offering competitive returns.
The firm also pointed to the Central Bank’s recent one-year Open Market Operations (OMO) auction, which cleared at 17.25%, as a signal of tightening monetary conditions. According to AAG Capital, that auction is expected to help absorb excess interbank liquidity currently estimated at over ₦4 trillion.
“With Treasury Bills remaining one of the few viable options for conservative investors, the DMO is well positioned to achieve strong subscription levels at this auction,” AAG Capital said, adding that the trillion-naira issuance is unlikely to deter demand.
Market watchers say the outcome of the auction will provide fresh insight into investor sentiment and interest rate direction in the fixed-income market as the CBN continues its efforts to rein in liquidity and stabilize macroeconomic conditions.
 auction with a sizable ₦1.15 trillion on offer, as the Central Bank of Nigeria (CBN) moves to manage excess liquidity in the banking system.){kind=link}