MON NOV 17 2025-theGBJournal| The Central Bank of Nigeria (CBN) has activated a new regime that mandates the use of its S4 electronic interface for Treasury Bills (T-Bills) auction submissions, as it takes a full control over the government securities segment of the fixed-income market.
The move which analysts believe will help reduce the room for opaque bidding and inter-dealer influence, will reshape the fixed-income landscape, with the upcoming N700bn T-Bills auction providing the first real test of the new regime.
Besides, with transparency set to improve and auction behavior likely to shift, liquidity is expected to cluster around short-dated paper in the near term as investors gauge how the new system impacts stop rates, bid coverage, and overall market depth.
The directive will take effect with the November 20, 2025 issuance.
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