The Central Bank of Nigeria (CBN) attracted N2.34 trillion in subscriptions at its N1.05 trillion Treasury Bills Primary Market Auction held on March 4, 2026.
At the auction, N1.01 trillion was allotted across the three tenors offered.
The auction results showed sustained investors’ appetite for government securities, particularly at the long end of the curve, amid rising yields.
The auction featured the 91-day, 182-day, and 364-day instruments, with demand heavily skewed toward the one-year bill. Stop rates edged higher, especially on the 364-day tenor, indicating investors’ preference for higher returns in a still-elevated interest rate environment.
The auction results indicate that demand was overwhelmingly concentrated on the 364-day Treasury Bill, which recorded subscriptions far above its offer size. In contrast, the shorter tenors witnessed relatively weaker demand compared to the amounts on offer.
The CBN offered a total of N1.05 trillion, comprising N100 billion for the 91-day, N150 billion for the 182-day, and N800 billion for the 364-day bill, while total subscriptions reached N2.34 trillion.
The 364-day bill alone attracted N2.13 trillion in bids against the N800 billion offered, with N856.03 billion eventually allotted.
The 91-day and 182-day instruments recorded bids of N80.92 billion and N136.54 billion respectively, with allotments of N64.27 billion and N91.43 billion.
Stop rates settled at 15.95% for the 91-day bill, 16.65% for the 182-day bill, and 16.73% for the 364-day bill respectively.
