The Central Bank of Nigeria will auction N650 billion in Treasury Bills on October 22 to refinance maturing debt.
The Central Bank of Nigeria (CBN) will conduct its next Treasury Bills (T-Bills) Primary Market Auction (PMA) on Wednesday, October 22, 2025, rolling over N650 billion in maturing bills on behalf of the Debt Management Office (DMO).
The offer includes N100 billion (91-day), N100 billion (182-day), and N450 billion (364-day) tenors. Conducted via a Dutch auction, the sale allows investors to submit competitive bids electronically through the CBN S4 Web Interface between 8:00 a.m. and 11:00 a.m. Successful bidders will receive allotment letters on October 23 and must fund their accounts the same day.
Analysts expect strong demand, especially for 364-day bills, which offer higher yields. By maintaining the auction size, the CBN aims to balance liquidity and inflation control while ensuring short-term financing continuity. Previous stop rates were 15.00%, 15.25%, and 15.77%, and new results will guide Q4 2025 market sentiment and yield direction.
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