According to the issuance notice, the planned borrowing will comprise N460 billion in Federal Government of Nigeria (FGN) bonds and N365 billion in Treasury Bills (T-bills). The apex bank, however, noted that it retains the discretion to adjust the offered amounts based on prevailing market conditions.
Bond Auction: N460bn on Offer
Acting on behalf of the Debt Management Office (DMO), the CBN will auction N460 billion in FGN bonds, evenly split between two long-term instruments. These include a reopening of the 17.945% FGN August 2030 bond valued at N230 billion and the 17.95% FGN June 2032 bond, also worth N230 billion.
The bond auction is scheduled for Monday, December 15, 2025, with settlement expected on December 17.
At the previous auction, the August 2030 bond cleared at a stop rate of 15.90 per cent, while the June 2032 paper settled at 16.00 per cent. Current market guidance suggests higher stop rates of 17.30–17.50 per cent for the 2030 bond and 17.40–17.60 per cent for the 2032 bond, reflecting rising yields across longer tenors.
T-Bills Auction: N365bn Across Three 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 breakdown includes N100 billion each for the 91-day and 182-day bills, and N165 billion for the 364-day bill. The auction will be conducted using the Dutch auction system, with bids submitted via the CBN’s Secure Software for Settlement (S4) web interface.
Bids are to be submitted between 8:00 a.m. and 11:00 a.m. on Wednesday, December 17, in multiples of N1,000, subject to a minimum subscription of N50.001 million. Settlement for successful bids will take place by 11:00 a.m. on Thursday, December 18.
Market Reforms and S4 System
The December T-bills auction marks the CBN’s renewed effort to enforce the mandatory use of the S4 electronic interface as part of broader reforms in government securities management.
The system was first activated at the November 20, 2025 auction, during which the CBN raised over N700 billion, but was later suspended. Sources familiar with the matter disclosed that the reform process is expected to be concluded this December, after which the S4 platform will become fully operational.
The initiative is aimed at tightening oversight of primary market transactions, reducing price distortions, improving transparency, and curbing information asymmetry in the debt market.
