March 18, (THEWILL) — The Central Bank of Nigeria (CBN) is set to raise ₦1.05 trillion at a Treasury Bills auction scheduled for March 18, bringing total short-term borrowing by the Federal Government to nearly ₦3 trillion within two weeks, as demand for fixed-income instruments continues to strengthen.
According to the tender notice, the issuance will be distributed across three maturities, with a clear preference for longer-tenor securities.
A total of ₦100 billion will be offered in 91-day bills, ₦150 billion in 182-day bills, and a dominant ₦800 billion allocated to 364-day instruments, reflecting stronger investor appetite for higher-yield, longer-duration assets.
Primary market dealers are required to submit bids electronically via the CBN’s Scripless Securities Settlement System between 8:00 a.m. and 11:00 a.m., with bids set in multiples of ₦1,000 and a minimum subscription of ₦50.001 million.
Authorised Money Market Dealers can submit multiple bids for themselves and clients, highlighting the expected depth of institutional participation.
Results of the auction will be announced the same day, while successful bidders will receive allotment letters on March 19.
Settlement is scheduled for the following day, with payments due before 11:00 a.m.
The auction will be conducted using the Dutch system, allowing yields to be determined by investor demand and prevailing liquidity conditions, reinforcing a market-driven pricing structure.
Analysts note that the sustained issuance reflects the apex bank’s continued effort to mop up excess liquidity, manage short-term rates, and stabilise the financial system, while the heavy allocation to 364-day bills underscores investors’ preference to lock in elevated yields amid current monetary conditions.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
