Primary Issuance Standards

Primary Market

ParameterT.billsOMO Bills
Tenor (days)91, 182, & 364Dependent on CBN’s Open-Market-Operations
Minimum Bid Volume (₦’mm)50
Auction SystemMultiple-bidSingle-bid
Quote BasisDiscount
SettlementT+1T+0
Settlement Platform/AgentCBN
Settlement BasisDelivery v Payment

Note:

*Open-Market-Operations (OMO) bills are deemed perfect substitutes for treasury bills in the secondary market