The Central Bank of Nigeria (CBN) has allotted a total of N894.17 billion at its Treasury Bills Primary Market Auction held on Wednesday.
According to the auction result, total subscriptions rose to N2.36 trillion, significantly exceeding the N750 billion offered across the 91-day, 182-day, and 364-day tenors.
The CBN increased allotments above the initial offer, particularly at the long end of the curve, while maintaining rates at prior levels.
The data showed that investor demand remained heavily concentrated on the 364-day Treasury bill, which dominated overall subscriptions and allotments.
The 364-day bill attracted N2.12 trillion in subscriptions against an offer of N550 billion, with N753.45 billion allotted; the 182-day bill recorded N172.08 billion in subscriptions versus N100 billion offered, with N76.24 billion allotted, and the 91-day bill saw relatively weaker demand, with N72.73 billion subscribed against N100 billion offered, and N64.48 billion allotted.
The data shows a continued investor preference for longer-dated instruments, while short-term demand remained relatively subdued.
Meanwhile, stop rates across all tenors remained unchanged. The 91-day bill held steady at 15.95%, unchanged from the previous auction; the 182-day bill remained at 16.19%, showing no movement; and the 364-day bill also held at 16.20%, maintaining its prior level.
Stop rates were higher than secondary market yields across all maturities, with the widest margin seen on the 364-day bill at +0.35%, indicating that investors were willing to accept slightly elevated primary market rates to secure allocations.
In its broader Treasury bills issuance strategy for Q2 2026, the apex bank plans to raise about N3.95 trillion, with a net issuance target of N750 billion.
