CBN to auction N5.8 trillion Treasury Bills Q3 2026, net borrowing N3.16 trillion
The Central Bank of Nigeria plans to auction N5.8 trillion in Treasury Bills between July 1 and September 23 2026, with net new borrowing of N3.16 trillion after accounting for N2.64 trillion maturing bills. The programme includes 13 auction dates, with major auctions on July 8, July 29, August 5, August 12, August 26 and September 2, each offering about N700 billion. The 364‑day bill makes up N4.0 trillion (69%) of the total.\n\nThe CBN says the larger issuance is meant to drain excess liquidity, keep interest rates elevated (above 18%), support the naira and finance the fiscal deficit of about N29.2 trillion. Analysts warn the strategy raises financing costs for government and businesses, may push investors out of equities into government securities, and could strain corporate earnings if high rates persist.\n\nWhat you should know/do: The first test comes July 8 with roughly N700 billion on offer. Retail investors can participate via banks or stockbrokers; the minimum unit is N1,000. Watch the stop rate on the 364‑day bill—currently around 17.3%—as a signal of market appetite. If yields stay high, consider how it affects your loan costs, savings returns, and exposure to stocks versus government debt.