The Central Bank of Nigeria (CBN) is issuing N2 trillion in Treasury Bills (T-bills) in three tranches across in July auction dates.
There is an ongoing auction for N700 billion T-Bills auction which closes in the next 24 hours.
The ongoinhg N700 billion offer is split across N100 billion in 91-day paper, N100 billion in 182-day paper, and N500 billion in 364-day paper.
Auction data indicates that existing T-Bills worth N269.36 billion will mature and rolled over. This comprises of N94.82 billion in 91-day bills, N48.23 billion in 182-day bills, and N126.31 billion in 364-day bills.
The next aution plan is July 15, N600 billion offer with no significant maturities. This will be followed with another N700 billion July 29 offer. This brings the total auction for the month to N2 trillion.
The maturing T-Bills for the month stood at N647.79 billion. This implies a net liquidity withdrawal of approximately N1.35 trillion, the single largest monthly net T-bill withdrawal planned for 2026 so far.
The July programme forms the opening phase of the CBN’s Q3 2026 NTB Issuance Programme, which targets N5.8 trillion in gross issuance between July and September against N2.64 trillion in maturing bills.
This represents net new borrowing of approximately N3.16 trillion across the full quarter.
The July programme builds directly on the momentum of June’s well-supported auctions, where investor demand remained concentrated in the 364-day bill.
The CBN uses Treasury Bills as a primary monetary policy tool to mop up excess liquidity in the system. It is part of the CBN’s inflation control measures.
In answers to frequently asked questions on Monetary Policy Committees (MPC) decisions posted on the apex bank’s website, the financial sector regulator said headline inflation rose slightly to 15.69 per cent (year-on-year) in April 2026, compared with 15.38 per cent in March 2026.
Inflation rate further rose to 15.93 per cent in May, 2026 based on National Bureau of Statistics (NBS) data. The CBN said that food prices, energy costs, transportation, and logistics were largely responsible for the increase.
The apex bank explained that the current inflation trend suggests that despite the marginal year-on-year increase, month-on-month headline inflation slowed sharply, while core inflation also moderated. In addition, the 12‑month average inflation rate fell further to 19.16 per cent in April 2026 for the sixth consecutive month.
“This suggests that the medium‑ to long‑term disinflationary path remains firmly in place and inflation persistence risks are declining”.
On CBN’s role in cushioning the external shocks, it explained that recent reforms—including FX market reforms, tighter monetary policy, ongoing fiscal consolidation, and strengthened monetary transmission—have significantly improved Nigeria’s ability to absorb global commodity and energy price shocks, thereby dampening their inflationary impact.
It further stated that the ongoing Middle East crisis has had a muted macroeconomic impact on Nigeria, with limited transmission beyond marginal inflationary pressures.