The Central Bank of Nigeria (CBN) raised a total of ₦8.14 trillion through Treasury Bills (T-bills) issued in the third quarter of 2026, exceeding the ₦5.8 trillion target set by the Debt Management Office (DMO) by ₦2.34 trillion.
A review of eight Nigerian Treasury Bills auctions conducted between July and September showed that total allotments were 40.34 per cent higher than the planned issuance for the quarter.
The 364-day Treasury Bill accounted for the largest portion of the funds raised, attracting ₦7.09 trillion, representing about 87 per cent of the total allotments during the period.
The heavy demand for the one-year instrument came amid relatively high yields in July and August, which encouraged investors to put more funds into government securities.
However, Treasury Bill yields began to decline in September following changes in monetary policy, with the CBN reducing stop rates across the three tenors.
At the September 23 auction, the stop rate on the 364-day Treasury Bill fell to 15.89 per cent, compared with the quarterly peak of 17.70 per cent recorded on July 8.
The decline represents a 181-basis-point reduction in the cost of borrowing in the primary Treasury Bills market during the quarter.
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