The Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), is providing N450 billion in Nigerian Treasury Bills (NTBs) on the main market auction holding in the present day, Wednesday, October 14, 2026, marking the second auction of the fourth quarter.
According to the auction round, the supply contains N50 billion every in 91-day and 182-day payments and N350 billion in 364-day payments, with settlement scheduled for Thursday, October 15.
The one-year tenor accounts for 77.78% of the supply, reflecting its dominant allocation within the authorities’s Q4 Treasury invoice issuance programme.
One-Year Bills dominate N450 billion supply:
The N450 billion auction is the smallest deliberate supply within the Q4 2026 NTB issuance calendar analysed by Nairametrics. It can also be beneath the N500 billion that represented the smallest single auction supply within the third-quarter programme.
Only N80.84 billion in Treasury payments is scheduled to mature at settlement on October 15, making the marketed supply roughly 5.57 occasions the maturing quantity.
- The 91-day tenor has a proposal measurement of N50 billion.
- The 182-day tenor additionally has a proposal measurement of N50 billion.
- The 364-day tenor accounts for N350 billion, representing 77.78% of the overall supply.
Full allotment of the marketed N450 billion would indicate a web liquidity withdrawal of roughly N369.16 billion after accounting for maturities.
The figures point out that the federal government is providing considerably extra Treasury payments than the quantity scheduled to mature on the auction’s settlement.
However, the marketed supply isn’t the ultimate allotment, and the precise liquidity impact will depend upon the quantity bought. Recent auctions have additionally proven that allotments can exceed the preliminary supply measurement, that means the eventual withdrawal may differ from the quantity implied by the calendar.
One-Year Treasury Bill demand surges:
Demand for the 364-day Treasury invoice remained sturdy on the quarter’s opening auction on October 7, when the DMO allotted N968.47 billion against a N900 billion offer. The one-year cease charge declined to fifteen.85%, from 15.89% on the previous auction.
- The four-basis-point decline positioned the 364-day cease charge 185 foundation factors beneath its third-quarter peak of 17.70%, recorded on July 8.
- Investors submitted N1.683 trillion in bids for the 364-day invoice towards an marketed supply of N700 billion, representing roughly 2.4 occasions the supply.
- The 91-day invoice attracted N39.42 billion in subscriptions towards N100 billion supplied, with N38.55 billion allotted at an unchanged 15.50% cease charge.
- Combined bids for the 91-day and 182-day payments stood at N86.29 billion towards N200 billion supplied.
- With N705.73 billion in maturities at settlement, the N968.47 billion allotment implied a web liquidity withdrawal of N262.74 billion.
The figures present a transparent distinction in investor demand throughout the three tenors, with the one-year instrument attracting the strongest subscriptions.
Analysts count on demand for longer-duration naira belongings to stay agency, though the course of cease charges relies on market situations in the present day. Analysts at AAG Capital Limited mentioned ample liquidity may assist speculative funding on the auction however famous that the latest bond market sell-off may place upward strain on sovereign borrowing charges.
Q4 Treasury Bill Programme frontloaded:
As said on the Q4 calendar, the October issuance programme is concentrated round three scheduled auctions, with N2.15 trillion in deliberate offers in the course of the month. These comprise N900 billion on October 7, N450 billion on October 14 and N800 billion scheduled for October 28. The calendar accommodates no auction supply for October 21, when N392.79 billion in Treasury payments is predicted to mature.
Total Q4 Treasury invoice offers are projected at N5.40 trillion towards roughly N5.429 trillion in maturities.
However, analysts at AAG Capital Limited said that the Q4 plan was adjusted to “up to N5.75 trillion,” which Nairametrics couldn’t confirm on the time submitting this report.
- The 364-day tenor accounts for N4.10 trillion, or 75.93% of the quarter’s deliberate offers.
- In Q3, the CBN raised N8.14 trillion against a planned N5.80 trillion, with the 364-day tenor driving most allotments.
- The market can also be awaiting the following inflation knowledge from the statistics workplace on Friday.
- The Q4 calendar subsequently maintains a powerful emphasis on one-year Treasury payments. Actual allotments may differ from the issuance calendar, as demonstrated by the October 7 auction.
Investors can entry NTBs via banks and licensed funding platforms topic to their respective minimal bid necessities, whereas the auction will present one other indication of investor demand throughout tenors and whether or not its 15.89% cease charge for the one-year tenor declines additional or reverses.
