CBN to Reissue ₦650 Billion Treasury Bills at October 2025 Auction

The Central Bank of Nigeria (CBN) is set to conduct a new Treasury Bills (T-Bills) Primary Market Auction (PMA) on Wednesday, October 22, 2025, where a total of ₦650 billion worth of maturing government securities will be reissued.

According to the apex bank, the T-Bills—issued on behalf of the Debt Management Office (DMO)—will be offered in three categories:

₦100 billion for the 91-day tenor,
₦100 billion for the 182-day tenor, and
₦450 billion for the 364-day tenor.

The reissuance is part of the government’s routine short-term borrowing strategy aimed at managing system liquidity and refinancing maturing debt instruments.

Auction Process and Participation Guidelines

The CBN confirmed that the auction will be conducted through a Dutch Auction System, where investors submit competitive bids with preferred rates, and final stop rates are determined based on overall market demand.

Only authorized Money Market Dealers can directly submit bids via the CBN S4 Web Interface between 8:00 a.m. and 11:00 a.m. on the auction date.

Each bid must be in multiples of ₦1,000, with a minimum investment threshold of ₦50,001,000.
Dealers may also place bids on behalf of clients, including corporate bodies, fund managers, and other non-dealer investors, thereby giving indirect access to retail participants.
Multiple bids at varying rates are permitted, allowing investors to tailor their exposure and yield expectations.

The auction results will be announced later on October 22, with settlement scheduled for Thursday, October 23, 2025. Successful bidders must fund their CBN accounts by 11:00 a.m. on settlement day. The Bank also reserves the discretion to accept, adjust, or reject bids in line with market conditions.

Market Outlook and Expected Yields

Financial analysts anticipate robust participation, particularly in the 364-day T-Bills, which typically offer higher yields.

The CBN’s choice to maintain the ₦650 billion offer size signals a measured approach to liquidity management, ensuring the government refinances its short-term obligations without injecting excessive cash into the economy—a move aimed at curbing inflation.

Market participants will closely monitor the stop rates for each tenor, as these rates often serve as indicators of investor confidence and short-term interest rate direction. With easing inflation and a relatively stable monetary environment, experts predict moderate downward adjustments in yields during this auction round.

Liquidity, Inflation, and Investor Sentiment

The October 22 auction underscores the CBN’s continued reliance on Treasury Bills as a monetary policy tool for managing liquidity and supporting fiscal operations.

For investors, this presents a chance to secure low-risk, fixed-income returns amid ongoing economic adjustments and currency volatility. The T-Bills remain attractive for both institutional and retail investors seeking safe, short-term instruments with predictable yields.

Key Takeaways

Total Offer: ₦650 billion across three maturities
- 91-day – ₦100 billion
- 182-day – ₦100 billion
- 364-day – ₦450 billion
Previous Stop Rates:
- 91-day – 15.00%
- 182-day – 15.25%
- 364-day – 15.77%
Expected Impact: Auction outcome to influence short-term interest rates, liquidity trends, and market sentiment heading into Q4 2025.