Nigeria auctions N700bn of Treasury bills, N500bn concentrated in 364-day tenor

On 27 August 2026 Nigeria offered N700 billion of Treasury bills (N100bn 91-day, N100bn 182-day, N500bn 364-day) at a Dutch auction, with the one-year (364-day) tranche the dominant allocation and the key determinant of near-term local funding costs.

The heavy N500bn 364-day allocation concentrates refinancing risk and yield discovery at the one-year point on Nigeria's local-currency curve. If stop rates clear higher than recent levels or subscriptions are weak, short-end NGN rates could reprice upward, tightening domestic funding conditions and raising rollover costs for the sovereign and local borrowers.

Allotment letters issuance and settlement scheduled for 27 August 2026; monitor stop rates and subscription/coverage data.