The Central Bank of Nigeria is offering N650 billion in a Treasury Bills auction scheduled for Wednesday, May 20, 2026, as part of the Federal Government’s second-quarter borrowing calendar.
The apex bank will offer N100 billion in 91-day bills, N50 billion in 182-day bills, and N500 billion in 364-day bills through the Dutch auction system.
Bids must be submitted electronically between 8:00 a.m. and 11:00 a.m. on May 20, with a minimum subscription of N50.001 million in multiples of N1,000 thereafter.
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The auction result is expected on May 20, while settlement and allotment letters will be issued on May 21.
The CBN reserves the right to vary the amount on offer depending on prevailing market conditions at the time of the auction.
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The May 20 issuance follows an earlier NTB auction on May 7, where the bank targeted N700 billion across the same three tenors.
In April 2026, the CBN exceeded its planned borrowing targets, eventually allotting about N1.63 trillion across two auctions, reflecting strong investor appetite.
Market analysts expect the 364-day instrument to attract the strongest demand due to its relatively higher yield profile.
The outcome of the auction will provide clues on investor sentiment and yield direction as the second quarter progresses.
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