CBN auctions N700bn Treasury Bills July 29 via Dutch auction on S4 platform
CBN will auction N700 billion of Nigerian Treasury Bills on Wednesday, July 29, 2026 via the Dutch-auction system on its S4 Web Interface. The offer comprises N100 billion of 91-day bills, N100 billion of 182-day bills and N500 billion of 364-day bills. Bids must be submitted between 8:00 a.m. and 11:00 a.m. on the auction day, in multiples of N1,000 with a minimum of N50,001,000. Allotment letters will be issued on Thursday, July 30 and payment for successful bids is due by 11:00 a.m. on July 29. The CBN may reject bids or adjust the offered amounts according to market conditions.
The auction reflects the CBN's continued preference for longer-dated paper and its broader liquidity-mop-up strategy for Q3 2026. Recent auctions have seen overwhelming demand for the 364-day bill, pushing stop rates slightly lower, while shorter tenors remain subdued. The outcome will influence short-term government borrowing costs and the returns money-market investors can expect on Treasury Bills.
If you are an authorized money-market dealer you can bid directly on the S4 platform; retail investors must go through dealers. Will you participate via a dealer, or sit out given the current yield trend and liquidity considerations?