CBN offers N700bn across 91-,182-,364-day T-Bills auction Aug 26
CBN, acting for the DMO, is offering N700 billion in Treasury Bills today, Wednesday August 26 2026, split into N100 billion for the 91‑day bill, N100 billion for the 182‑day bill and N500 billion for the 364‑day bill. Bids must be submitted via the CBN S4 Web Interface between 8:00 a.m. and 11:00 a.m., in multiples of N1,000 with a minimum of N50,001,000 per bid. Authorised money‑market dealers may submit multiple bids for their own accounts or on behalf of non‑dealers and the public. The Dutch auction will determine rates, with results announced later today and allotment letters issued on Thursday August 27; successful bidders must pay by 11:00 a.m. on August 26.
The auction follows a volatile month: the August 6 sale was cancelled after heavy OMO withdrawals, while the August 12 auction attracted N4.4 trillion in bids, oversubscribing the 364‑day tenor more than eight times and prompting the CBN to raise its stop rate to 17.59%. That pushed August allotments to roughly N1.456 trillion despite the N700 billion offer. Today’s sale is part of the CBN’s Q3 2026 NTB programme targeting N5.8 trillion gross issuance, with August 12, August 26 and September 2 earmarked as the largest sessions. Market watchers will see whether the 364‑day rate resumes its downward trend or stays hawkish, and analysts expect the CBN to begin cutting rates at its September MPC meeting.
Given the pattern of allotting far above advertised offers, today’s auction could push August’s cumulative issuance well past N2 trillion. Will you consider participating in the tender, adjust your short‑term investment plans, or monitor the outcome for clues on future monetary policy direction?