The Central Bank of Nigeria (CBN) has announced its intention to offer N800 billion worth of Nigerian Treasury Bills (NTBs) across the usual tenors at the upcoming Primary Market Auction (PMA) slated for Wednesday.
With an expected maturity of N927.256 billion worth of NTBs, the proposed issuance indicates a partial refinancing, as the fresh auction is set below the maturing amount. The total offer is spread across 91-day, 182-day, and 364-day instruments, coinciding with the maturity of over N925 billion in outstanding bills.
Specifically, the apex bank will open N50 billion worth of 91-day instruments to interested investors, N100 billion in 182-day paper, and N650 billion in 364-day notes. Data obtained from the market indicates that N21.304 billion worth of NTBs are due to mature this week.
Further analysis reveals that N3.914 billion in 182-day bills and N902.037 billion in 364-day paper are also maturing. The auction is scheduled for Wednesday, with the settlement date fixed for Thursday.
Activity in the Treasury bills market remained muted as traders repositioned ahead of the PMA, with trading mainly observed on the mid-to-long end of the curve—specifically the Jan./Mar. 2026 maturities. The average yield on the instruments expanded by 67 basis points to 20.6%, driven by sustained selling pressure.
 has announced its intention to offer N800 billion worth of Nigerian Treasury Bills (NTBs) across the usual..){kind=link}