The Central Bank of Nigeria (CBN), on behalf of the Debt Management Office (DMO), is offering N700 billion for auction across the 91-day, 182-day and 364-day tenors in its first Nigerian Treasury Bills (NTB) auction for August 2026. According to the Invitation to Tender issued by the apex bank, the auction will hold on Thursday, August 6, 2026, while bids will be received electronically through the CBN S4 Web Interface between 8:00 a.m. and 11:00 a.m. on Wednesday, August 5, 2026.
The offer notification obtained by Nairametrics shows the same issuance structure adopted in recent Treasury Bills auctions, with the CBN continuing to favour longer-dated securities amid sustained institutional demand for one-year government paper. What the data is saying:
As in previous auctions, the August Treasury Bills will be issued through the Dutch auction system, according to the CBN’s invitation to tender.
The auction is structured as follows:
91-day Treasury Bill: N100 billion on offer
182-day Treasury Bill: N100 billion on offer
364-day Treasury Bill: N500 billion on offer
Total offer size: N700 billion
All bids must be submitted electronically through the CBN S4 Web Interface in multiples of N1,000, subject to a minimum subscription of N50,001,000. Money Market Dealers may submit multiple bids for their own accounts or on behalf of non-dealers and members of the investing public. The auction result is expected to be announced on Wednesday, August 5, while allotment letters will be issued on Thursday, August 6. Successful bidders are required to make payment to their accounts with the CBN not later than 11:00 a.m. on Thursday, August 6. More insights:
Under the Dutch auction system, investors compete by quoting both the amount they intend to purchase and the yield they are willing to accept.
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Bids are ranked from the lowest yield upward, with allocations made until the total offer size is exhausted. Consequently, investors quoting lower yields generally stand a stronger chance of receiving full allotments, while higher-yield bids may be scaled down or rejected. Electronic bidding continues through the S4 (Scripless Securities Settlement System), the CBN’s platform for issuing, allotting and settling government securities electronically. Only Authorized Money Market Dealers have direct access to the platform, while institutional and retail investors participate through these licensed dealers. The continued use of the S4 platform forms part of the CBN’s drive to improve transparency, minimise manual processing and enhance efficiency in the primary government securities market.
What you should know:
The August auction follows an exceptionally strong month for Nigeria’s fixed-income market. During the final week of July alone, fixed-income securities worth N1.24 trillion changed hands, according to data captured on CBN’s Fixed Income Dashboard.
OMO Bills accounted for N672.48 billion, or more than 54% of the total traded value. Treasury Bills segment traded N6.98 trillion in 3,700 trades.
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FGN Bonds followed with N5.87 trillion across 3,343 trades. Sukuk instruments recorded a comparatively modest N69.11 billion from 23 trades. The auction also comes after the CBN intensified its liquidity management operations 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 approximately N1.25 trillion against a N700 billion offer after receiving strong demand for the 364-day bill, continuing a trend seen throughout the third quarter. Market participants will be watching the August auction closely to see whether stop rates for the one-year Treasury Bill continues to maintain their recent downward bias amid the CBN’s ongoing liquidity mop-up strategy.
