CBN offers N500bn T‑bills on 23 Sept, concentrated in 364‑day; primary pipeline ~N2.71tn led by Dangote refinery

On 23 September 2026 the Central Bank of Nigeria (on behalf of the DMO) offered N500 billion of Treasury bills—N100bn 91‑day, N100bn 182‑day and N300bn 364‑day—while the wider primary‑market pipeline stands near N2.71 trillion, led by the Dangote Petroleum Refinery share offer targeting N2.15–2.80 trillion.

A large N300bn allocation to the 364‑day T‑bill raises the onshore liquidity absorption requirement and, combined with a dominant equity pipeline (Dangote), can tighten funding in the 182–364 day segment. If subscription concentrates at the one‑year tenor, dealer inventory and FX market depth may shrink, raising marginal short‑term funding costs for sovereign and corporate external obligations depending on auction stop rates and allotment outcomes.

Publish of the auction stop rates/allotment letters and settlement on 24 September 2026.