The Central Bank of Nigeria, on behalf of the Debt Management Office, is offering N700 billion for auction across the 91-day, 182-day, and 364-day tenors. The first Nigerian Treasury Bills auction for August 2026 will hold on Thursday, August 6, 2026. Bids must be submitted electronically through the CBN S4 Web Interface between 8:00 a.m. and 11:00 a.m. on Wednesday, August 5, 2026.

The CBN continues to favor longer-dated securities due to sustained institutional demand for one-year government paper. The N700 billion offer is structured with N100 billion for the 91-day bill, N100 billion for the 182-day bill, and N500 billion for the 364-day bill. All bids must be in multiples of N1,000, subject to a minimum subscription of N50,001,000.

Dutch Auction System and Market Liquidity

The August Treasury Bills will be issued through the Dutch auction system. Under this system, investors compete by quoting both their desired purchase amount and the yield they are willing to accept. Bids are ranked from the lowest yield upward, meaning lower-yield bids stand a stronger chance of receiving full allotments.

This auction follows a highly active period in Nigeria's fixed-income market. In the final week of July, fixed-income securities worth N1.24 trillion changed hands. OMO Bills accounted for N672.48 billion, representing over 54% of the total traded value. The Treasury Bills segment traded N6.98 trillion across 3,700 trades, while FGN Bonds recorded N5.87 trillion across 3,343 trades. Sukuk instruments recorded N69.11 billion from 23 trades.

The CBN also intensified its liquidity management in July, conducting aggressive Open Market Operations that absorbed N7.18 trillion from the banking system. At the July 29 Treasury Bills auction, the CBN allotted N1.25 trillion against a N700 billion offer due to strong demand for the 364-day bill. Market participants are watching to see if stop rates for the one-year Treasury Bill continue their downward trend.