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The Central Bank of Nigeria (CBN) is seeking to raise ₦600 billion at today’s Treasury Bills auction, with the one-year instrument expected to attract the strongest investor demand.
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The auction comes after June’s heavily oversubscribed sale, where investors poured most of their bids into the 364-day bill as higher yields continued to outpace inflation.
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Market participants will closely watch whether the CBN maintains elevated stop rates or begins easing borrowing costs ahead of the release of Nigeria’s latest inflation data.
July 15, (THEWILL) — The Central Bank of Nigeria (CBN) is looking to raise ₦600 billion through a Nigerian Treasury Bills (NTB) auction scheduled for Wednesday, July 15, as investors position for another round of attractive yields in the government’s short-term debt market.
The auction forms part of the apex bank’s third-quarter Treasury Bills issuance programme conducted on behalf of the Debt Management Office (DMO), which plans to raise about ₦5.8 trillion through nine auctions between July and September.
According to the CBN’s tender notice, the offer comprises ₦100 billion in 91-day Treasury Bills, ₦100 billion in 182-day bills, and ₦400 billion in the benchmark 364-day instrument.
Why the one-year bill is attracting attention
Although the auction spans three maturities, investor interest is expected to remain concentrated on the one-year Treasury Bill, which has consistently attracted the largest share of subscriptions this year.
At the previous auction, the 364-day bill alone received ₦1.86 trillion in subscriptions despite a significantly smaller offer, highlighting the strong appetite among institutional investors for longer-duration, risk-free naira assets.
The one-year bill also cleared at a stop rate of 17.70 percent, the highest among the three maturities, reflecting investors’ demand for higher compensation amid persistent inflation and elevated interest rates.
What investors will be watching
Today’s offer differs slightly from recent auctions, with the CBN reducing the size of the 364-day offer to ₦400 billion from ₦500 billion previously, while keeping the combined offer at ₦600 billion.
Money Market Dealers are expected to submit bids electronically between 8:00 a.m. and 11:00 a.m., with auction results due later today and settlement scheduled for July 16.
Beyond the allotment figures, market participants will closely monitor whether the CBN keeps stop rates above 17.70 percent on the benchmark one-year bill or begins easing borrowing costs, particularly as investors await Nigeria’s June inflation data expected from the National Bureau of Statistics (NBS).
Why Treasury Bills remain attractive
Nigeria’s Treasury Bills market has remained consistently oversubscribed throughout 2026, with demand exceeding offer sizes at every primary market auction this year.
The attraction has largely been driven by relatively high yields compared with inflation. With headline inflation at 15.93 percent in May 2026, the previous 17.70 percent stop rate on the one-year Treasury Bill offered investors a positive real return of about 1.77 percent, making it one of the few low-risk fixed-income instruments currently delivering returns above inflation.
The outcome of today’s auction is therefore expected to provide fresh insight into investor sentiment, the government’s domestic borrowing strategy, and expectations for interest rates during the second half of the year.
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.
