CBN to re-issue N2.2trn Treasury Bills in Q4 2024

The Central Bank of Nigeria (CBN) plans to reissue Nigerian Treasury Bills (NTBs) worth N2.2 trillion in the fourth quarter of 2024, according to the newly released 2024 Issue Calendar obtained by Nigerian NewsDirect.

This re-issuance is part of the government’s strategy to manage liquidity, sustain the financial market, and ensure economic stability.

The calendar outlines the auction and settlement dates, along with the volume of NTBs scheduled for re-issuance. The total for the quarter includes N158.8 billion in 91-day bills, N109.6 billion in 182-day bills, and N1.9 trillion in 364-day bills.

The reissuance program will begin with auctions on September 4-5, 2024, where N233.3 billion in NTBs will be issued across all maturities. A follow-up auction is planned for September 11-12, 2024, with N161.9 billion in NTBs to be re-issued.

Later in September, on the 25-26, the CBN will issue N227.5 billion in NTBs, with the majority allocated to 364-day bills.

As October progresses, the CBN will conduct an auction on October 9-10, 2024, re-issuing NTBs worth N81.9 billion. Although this issuance is relatively smaller, it is vital for maintaining financial market liquidity.

The program will gain momentum with a significant auction on October 23-24, 2024, totaling N374.7 billion across 91-day, 182-day, and 364-day maturities.

On November 6-7, 2024, the CBN will re-issue NTBs worth N513.4 billion, representing the second-largest single issuance of the quarter. This auction is expected to attract significant interest from investors seeking secure, high-yield investments.

The final auction of the quarter will be held on November 20-21, 2024, with an issuance of N610.8 billion. This last issuance aims to ensure continued liquidity in the financial system as the quarter concludes, while also providing the government with funds to meet short-term obligations.