Central Bank of Nigeria (CBN) don announce say e wan raise total of N825 billion from Nigeria domestic debt market for di final round of government borrowing for 2025.
Di money wey dem plan raise go come from N460bn FGN bonds and N365bn Treasury Bills, as Federal Government continue to depend on local borrowing because interest rates still high.
CBN explain say e still get right to change di amount wey dem put for auction, depending on how market condition be at di time of allotment.
Bond Auction: N460bn Dey Table
On behalf of Debt Management Office (DMO), CBN go offer N460bn for bond auction, share am equally between two long-term bonds.
Dis include reopening of 17.945% FGN August 2030 bond worth N230bn and 17.95% FGN June 2032 bond, also N230bn.
Di bond auction go hold on Monday, December 15, 2025, while settlement go happen on December 17.
For di last auction, di 2030 bond clear for 15.90%, while di 2032 bond settle for 16.00%. But market expectation now show say stop rates fit rise to around 17.3–17.6% because yields don dey go up.
T-Bills Auction: N365bn Across Three Tenor
CBN also go conduct Treasury Bills auction on Thursday, December 18, to raise N365bn.
Dem go share di bills across three maturities: N100bn for 91-day, N100bn for 182-day, and N165bn for 364-day T-bills.
Di auction go use Dutch system, and bidders must submit bids through CBN S4 electronic platform between 8am and 11am on Wednesday, December 17. Minimum subscription na N50.001 million, while settlement go happen on December 18.
S4 System and Market Reform
Dis December auction mark another attempt by CBN to fully activate di S4 electronic system, wey dem introduce as part of reform for government securities market.
CBN first use di platform for November 20, 2025 auction, where dem raise over N700bn, but later suspend am. Reliable sources close to CBN say di reform go complete before end of December, after which S4 go dey fully operational.
Di reform aim to improve transparency, reduce price manipulation, control market flow, and make di debt auction process cleaner and more efficient.
