The Central Bank of Nigeria (CBN) will auction N700 billion worth of Nigerian Treasury Bills (NTBs) on May 7, 2026, marking the first issuance for the month under the Q2 2026 borrowing programme.
The auction, conducted on behalf of the Debt Management Office (DMO), will be held using the Dutch auction system across three tenors. The offer comprises:
– N100 billion in 91-day Treasury Bills
– N50 billion in 182-day Treasury Bills
– N550 billion in 364-day Treasury Bills
Bids must be submitted electronically through the Scripless Securities Settlement System (S4) between 8:00 a.m. and 11:00 a.m. on Tuesday, May 6, 2026. The minimum subscription amount is N50,001,000, with successful bidders expected to receive allotment letters on May 7 and make payment by 11:00 a.m. on the settlement date.
The CBN retains the right to adjust the total amount offered depending on market conditions and demand.
This auction is the first of two scheduled for May, with a second issuance of N650 billion planned for May 20. The Q2 2026 NTB calendar targets total offerings of N3.95 trillion to help the government meet its short-term funding needs, with the DMO projecting net issuance of around N750 billion by the end of June.
The 364-day tenor is expected to attract the strongest investor interest due to relatively higher yields in the current interest rate environment. Institutional investors, including pension funds and commercial banks, are anticipated to participate actively, supported by current system liquidity levels.
In April, the CBN exceeded its targets significantly. It raised N1.625 trillion from two auctions against a combined target of N1.45 trillion, reflecting strong appetite for government securities.
Market analysts say the outcome of the May 7 auction particularly subscription levels, bid-to-cover ratios, and stop rates on the 364-day bill will provide important signals on investor sentiment and the direction of short-term yields in the coming weeks.
