The Central Bank of Nigeria (CBN) plans to auction N3.95 trillion in Treasury Bills (NTBs) in the second quarter of 2026, beginning from April 8.
The projected net issuance amounts to N750 billion after settling N3.2 trillion in maturing bills by the end of June.
This is according to the CBN’s NTB issuance calendar obtained by Nairametrics on Thursday, April 2, 2026.
The programme highlights a strong preference for longer-dated instruments, reflecting prevailing investor demand and the apex bank’s liquidity management strategy.
A breakdown of the programme shows a strong bias toward longer-dated instruments, with N2.85 trillion—representing the bulk of the issuance—allocated to 364-day Treasury Bills.
In comparison, the CBN plans to issue N700 billion in 91-day bills and N400 billion in 182-day bills, reflecting relatively lower emphasis on short- and medium-term tenors.
The issuances are expected to be conducted in six sessions over three months, with the first two sessions of N700 billion and N750 billion on April 8 and 22 respectively.
The calendar scheduled another two auctions of N700 billion and N650 billion on May 6 and 20 respectively.
The final auctions of the quarter are scheduled to hold on June 3 and 17 where the sums of N700 billion and N450 billion will be auctioned respectively.
The skew toward longer maturities aligns with investor’s preference for locking in higher yields in a high-interest-rate environment.
