The Central Bank of Nigeria, CBN, has released the calendar for the re-issue of N2.2 trillion worth of maturing Nigerian Treasury Bills, NTBs, in the fourth quarter of 2024.
The CBN disclosed this in a newly released NTB calendar for the fourth quarter of 2024.
The issuance of Treasury Bills is part of the government’s ongoing efforts to manage liquidity, sustain the financial market and maintain economic stability.
A breakdown of the calendar provides details of the auction and settlement dates as well as the volume of NTBs set for re-issuance.
The total NTBs issuance in 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, amounting to a total of approximately N2.2 trillion.
Starting with the auctions scheduled for September 4-5, 2024, a total of N233.3 billion will be issued across 91-day, 182-day, and 364-day maturities.
Following the initial auction, the CBN has slated another NTB issuance for September 11-12, 2024, where a total of N161.9 billion will be re-issued.
Later in the month, on September 25-26, 2024, the CBN will conduct another issuance of N227.5 billion in NTBs, with the 364-day bills commanding the largest share of the issuance.
As the quarter progresses, the auction scheduled for October 9-10, 2024, will see the CBN re-issue NTBs worth N81.9 billion. Although this issuance is relatively smaller compared to others in the quarter, it still plays a crucial role in maintaining liquidity in the financial markets.
On October 23-24, 2024, the re-issuance program will gain momentum with a more significant auction totaling N374.7 billion across 91-day, 182-day, and 364-day maturities.
Another re-issuance of the quarter is scheduled for November 6-7, 2024, where the CBN will issue NTBs totaling N513.4 billion. This auction represents the second-largest single re-issuance of the quarter and is expected to draw considerable interest from investors seeking secure and high-yielding investments.
The final auction for the quarter, scheduled for November 20-21, 2024, will close out the re-issuance program with an issuance of N610.8 billion.
This closing issuance will ensure that the financial system remains liquid as the quarter comes to an end while also providing the government with the necessary funds to meet its short-term obligations.
