By Seun Ibiyemi
The Central Bank of Nigeria (CBN) plans to raise a total of N825 billion from the domestic debt market in the final round of sovereign issuances for 2025, highlighting the Federal Government’s sustained dependence on local borrowing amid elevated yields.
The planned fundraise comprises N460 billion in Federal Government of Nigeria (FGN) bonds and N365 billion in Treasury Bills (T-bills). In an issuance notice, the CBN said it reserves the right to adjust the amounts on offer in line with prevailing market conditions.
Acting on behalf of the Debt Management Office (DMO), the apex bank will offer N460 billion in FGN bonds, evenly split between two long-dated instruments.
These include a reopening of the N230 billion 17.945 per cent FGN August 2030 bond and N230 billion in the 17.95 per cent FGN June 2032 bond.
The bond auction is scheduled for Monday, December 15, 2025, with settlement slated for December 17.
At the previous auctions, the August 2030 bond cleared at a stop rate of 15.90 per cent, while the June 2032 paper closed at 16.00 per cent.
Current market guidance, however, suggests higher stop rates of between 17.30 and 17.50 per cent for the 2030 bond and 17.40 to 17.60 per cent for the 2032 bond, reflecting rising yields across longer-dated tenors.
In addition to the bond sale, the CBN will conduct a Treasury Bills auction on Thursday, December 18, 2025, targeting N365 billion across three maturities.
The offering will include N100 billion each on the 91-day and 182-day tenors, and N165 billion on the 364-day bill.
The T-bills auction will be conducted using the Dutch auction system, with bids submitted via the CBN’s S4 web interface. According to the notice, bids are to be entered between 8:00 a.m. and 11:00 a.m. on the auction date, with each bid submitted in multiples of N1,000.
The final round of issuances is expected to provide key signals on investor appetite and pricing direction as the government navigates tight liquidity conditions and persistently high borrowing costs.