The Central Bank of Nigeria raised N8.14tn through Treasury bills issuances in the third quarter of 2026, surpassing the Debt Management Office’s N5.8tn target by N2.34tn, as investor demand exceeded the government’s borrowing plans.

A review of eight Nigerian Treasury Bills auctions conducted between July and September shows that total allotments were 40.34 per cent above the planned issuance for the quarter.

The 364-day Treasury bill accounted for the largest share of the funds raised, attracting N7.09tn, representing 87 per cent of total allotments during the period.

The concentration of borrowing in the one-year instrument came amid high yields in July and August, which sustained investor interest in government securities.

However, yields began to decline in September following a shift in monetary policy, with the CBN lowering stop rates across the three tenors.

The stop rate on the 364-day bill fell to 15.89 per cent at the 23 September auction, down from a quarterly peak of 17.70 percent recorded on 8 July.

A review of eight Nigerian Treasury Bills (NTBs) auctions conducted between July and September shows that total allotments were 40.34 per cent above the planned issuance for the quarter.

This represents a decline of 181 basis points, reflecting the change in borrowing costs in the primary Treasury bills market over the quarter.