…Targets N1.35 trillion liquidity withdrawal this month
The Central Bank of Nigeria plans to issue N2 trillion in Treasury Bills across three July auction dates, compared with just N647.79 billion in bills scheduled to mature during the month.
This implies a net liquidity withdrawal of approximately N1.35 trillion through T-bills in July alone, the single largest monthly net T-bill withdrawal planned for 2026 so far.
The July programme forms the opening phase of the CBN’s Q3 2026 NTB Issuance Programme, which targets N5.8 trillion in gross issuance between July and September against N2.64 trillion in maturing bills, implying net new borrowing of approximately N3.16 trillion across the full quarter.
The first major auction of the month is scheduled for Wednesday, July 8, 2026, when the CBN will offer N700 billion across three tenors. At that auction, existing T-bills totalling N269.36 billion will mature and be rolled over, comprising N94.82 billion in 91-day bills, N48.23 billion in 182-day bills, and N126.31 billion in 364-day bills.
Against the N700 billion on offer — split across N100 billion in 91-day paper, N100 billion in 182-day paper, and N500 billion in 364-day paper — the session implies a net liquidity withdrawal of approximately N430.64 billion on settlement day.