Nigeria’s Central Bank is overhauling Treasury Bills auctions with a new digital system designed to boost transparency, fairness and efficiency.
The Central Bank of Nigeria (CBN) has begun a major reform of the government securities market, mandating that all Treasury Bills (T-Bills) auction bids be submitted through its S4 electronic platform starting November 20, 2025.
The shift comes ahead of a large N700 billion T-Bills issuance, marking the first real use of the system. Analysts say the move shows the CBN is taking direct control of primary market pricing to eliminate hidden advantages and deepen transparency. Investment expert Tajudeen Olayinka said, “This new directive bypasses primary dealers completely… the CBN is taking charge of the primary fixed-income market.”
Under the new process, all participants must submit bids directly through S4 with no visibility into competing bids, ending long-standing dealer-level information advantages. The auction, using the Dutch format, offers 91-, 182- and 364-day bills. Successful bidders settle within 24 hours.
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