July 2 (THEWILL) — The Central Bank of Nigeria (CBN) plans to raise N5.8 trillion through Treasury Bills (NTBs) between July and September, marking its largest quarterly issuance programme in 2026.
The issuance programme, contained in the apex bank’s Q3 2026 NTB calendar, reflects a significant increase in domestic borrowing as authorities seek to manage excess liquidity, support the Federal Government’s financing needs, and sustain attractive returns for investors.
The programme schedules 13 Treasury Bills auctions between July 1 and September 23. After accounting for N2.64 trillion worth of maturing bills, the plan translates to a net new borrowing of about N3.16 trillion.
The CBN’s issuance strategy shows a preference for longer-tenor securities. Of the total amount to be offered, N4 trillion will come from 364-day Treasury Bills, while N900 billion each will be raised through 91-day and 182-day instruments.
The largest auction sessions, each valued at about N700 billion, are slated for July 8, July 29, August 5, August 12, August 26 and September 2.
The programme also features two weeks, July 22 and August 19 when maturing Treasury Bills will not be replaced immediately, resulting in temporary liquidity injections before subsequent auctions absorb the excess funds.
Analysts said the expanded issuance reflects the monetary authorities’ determination to keep liquidity under control, curb inflation and support exchange rate stability.
Chief Executive Officer of ECL Asset Management Limited, Charles Fakrogha, said the programme demonstrates deliberate coordination among the CBN, the Debt Management Office and the Ministry of Finance to manage money supply and inflation.
Similarly, Chief Executive Officer of Wyoming Capital & Partners Limited, Tajudeen Olayinka, said the larger issuance suggests policymakers intend to keep interest rates elevated to attract foreign portfolio inflows and support the naira, although the strategy could increase government borrowing costs and divert investment from equities to fixed-income securities.
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.
