CBN raises N8.14tn through Treasury bills in third quarter

The Central Bank of Nigeria raised N8.14tn through Treasury bills issued in the third quarter of 2026, exceeding the Debt Management Office’s N5.8tn target by N2.34tn. A review of eight Nigerian Treasury Bills auctions held between July and September showed that total allotments were 40.34 per cent above the amount planned for the quarter. The figures indicate that investor demand exceeded the government’s borrowing plans.

The 364-day Treasury bill accounted for N7.09tn, or 87 per cent of total allotments during the period. The concentration in the one-year instrument came as elevated yields in July and August sustained investor interest in government securities. The stop rate on the 364-day bill reached a quarterly peak of 17.70 per cent at the July 8 auction.

It later fell to 15.89 per cent at the September 23 auction. The decline followed a change in monetary policy, with the CBN lowering stop rates across the three Treasury-bill tenors in September. The movement represented a 181-basis-point reduction over the quarter, according to the review.

Treasury bills are short-term government securities issued through the primary market. In the auctions covered by the review, the 364-day bill was the dominant source of funds raised by the central bank. The allotment total was repeated in the review’s assessment of the eight auctions, which described issuance as 40.34 per cent higher than the quarterly plan.

The material did not provide a breakdown of the other two tenors or identify the investors who took up the securities. The figures show that the government raised more through the instrument than initially targeted during the quarter, even as the cost attached to the one-year bill eased by the final auction.