CBN RAISES N8.14TN THROUGH TREASURY BILLS

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The Central Bank of Nigeria allotted N8.14tn through Treasury Bills auctions in the third quarter of 2026, exceeding the N5.8tn issuance target set for the period.

A review of eight Nigerian Treasury Bills auctions conducted between July and September showed that the total allotment was 40.34 per cent above the planned issuance, representing an excess of about N2.34tn.

The 364-day Treasury Bill accounted for the largest share of the funds raised, with N7.09tn allotted during the quarter. This represented about 87 per cent of the total allotments.

The strong demand for the one-year bills came as investors responded to relatively high yields recorded in July and August.

However, yields began to decline in September following changes in monetary policy. The stop rate on the 364-day bill fell to 15.89 per cent at the September 23 auction, from a quarterly peak of 17.70 per cent recorded on July 8.

The quarterly Treasury Bills programme comprised 91-day, 182-day and 364-day instruments, with the one-year bill accounting for the largest portion of planned issuance.

The higher-than-targeted allotment reflects strong investor demand for government securities during much of the quarter, while the decline in yields toward the end of September points to changing conditions in the fixed-income market.