CBN offers ₦800bn T-bills as banks park ₦6.98 Trillion

ABUJA, Nigeria — The Central Bank of Nigeria (CBN), acting for the Debt Management Office (DMO), will offer ₦800 billion in Nigerian Treasury Bills on Wednesday, October 28, 2026. The auction comes as banks’ placements at the CBN’s Standing Deposit Facility reached ₦6.98 trillion on Tuesday, October 27.

The offer is split across three tenors: ₦100 billion in 91-day bills, ₦100 billion in 182-day bills and ₦600 billion in 364-day bills. The one-year bill makes up 75% of the offer. The auction will be conducted through a Dutch auction.

The Financial Markets Dealers Association (FMDA) projects total inflows of ₦2.813 trillion into the financial system this week. Most of that, about ₦2.408 trillion, is expected from maturing Open Market Operation (OMO) bills. Federal Government bond coupon payments are expected to add ₦263.58 billion, and maturing Treasury Bills ₦130.72 billion. Corporate bond coupons would contribute ₦10.92 billion.

On Tuesday, the CBN settled ₦2.132 trillion in OMO maturities and ₦53.49 billion in primary market maturities. FMDA said system liquidity rose 10.39% week on week to ₦6.936 trillion in the week ended October 23.

The projected weekly inflow is slightly below the previous week’s ₦2.858 trillion. The difference is mainly due to the absence of a Federation Account Allocation Committee (FAAC) distribution this week, after the ₦2.43 trillion distribution in the previous week. OMO maturities, however, are ₦341 billion higher than the ₦2.067 trillion recorded the week before.

The Treasury Bills maturing on October 29 total ₦130.72 billion. If the full ₦800 billion is allotted, the auction would absorb about ₦669.28 billion more than those maturities release.

The 364-day bill has been in strong demand in recent auctions. At the October 7 auction, the DMO allotted ₦968.47 billion against an advertised ₦900 billion, and the one-year stop rate fell to 15.85%. At the October 14 auctions, the DMO accepted ₦269.06 billion out of ₦1.032 trillion in subscriptions, rejecting about 74% of bids. The one-year rate was raised to 15.90%, its first increase since August.