CBN auctions N600 billion Treasury Bills today targeting 91-day, 182-day, and 364-day instruments

The Central Bank of Nigeria (CBN) is conducting a N600 billion Nigerian Treasury Bills (NTB) auction today, Wednesday, July 15, 2026, as part of its Q3 2026 borrowing calendar targeting N5.8 trillion across nine issuance schedules. The auction offers N100 billion in 91-day bills, N100 billion in 182-day bills, and N400 billion in 364-day bills using the Dutch auction system.

Money Market Dealers must submit electronic bids via the CBN S4 Web Interface between 8:00 a.m. and 11:00 a.m., with a minimum bid of N50,001,000 in multiples of N1,000. Auction results will be announced today while allotment letters go out Thursday, July 16. This follows the June 17 auction where the CBN raised N1.49 trillion, with stop rates clearing at 16.30% for 91-day, 16.50% for 182-day, and 17.70% for 364-day instruments—representing the highest one-year rate in recent weeks.

The 17.70% stop rate on 364-day bills offers approximately 177 basis points of positive real return against May 2026 inflation of 15.93%, making it one of the few instruments decisively beating inflation. The NTB market has seen consistent oversubscription throughout 2026, with the July 8 auction attracting N1.86 trillion in subscriptions for the 364-day paper alone against a smaller offer. Market participants await today's auction results and whether stop rates hold above 17.70% or ease slightly pending today's expected June inflation data from the NBS.

For investors: Will you participate in today's auction given the attractive real yields, or wait to see how June inflation data might influence future rate direction?

SOURCE: https://nairametrics.com/2026/07/15/cbn-targets-n600-billion-in-treasury-bills-auction-today/