The Central Bank of Nigeria (CBN) executed N17.59 trillion in Primary Market (PM) Sales and recorded N14.72 trillion in repayments between January 2 and November 21, 2025, according to CBN’s latest transaction data obtained by Nairametrics.
This resulted in a net liquidity absorption of N2.87 trillion within the period under review, indicating the government’s borrowing pressure and the CBN’s aggressive liquidity management drive as part of its monetary tightening stance to curb inflation and stabilise the naira.
Primary market activities involve issuing government securities to raise funds and redeeming maturing instruments previously issued to investors.
Understanding Primary Market operations
Primary Market Sales refer to funds raised by issuing new government securities such as Treasury Bills and Federal Government Bonds. These issuances provide financing for government operations, including management of budget deficits and liquidity conditions. Investors in these instruments include banks, pension funds, asset managers, and individual participants.
Primary market repayments represent the redemption of maturing securities. The CBN pays back the principal invested by holders of Treasury Bills or bonds once the instruments reach maturity. These repayments reduce outstanding government obligations tied to earlier issuances.
Monthly performance in H1, 2025
The year began with PM Sales of N1.87 trillion in January, while repayments totalled N595.78 billion. Activity accelerated in February, one of the most active months in 2025, with issuances amounting to N3.26 trillion and repayments reaching N2.86 trillion.
March continued the trend, recording N3.12 trillion in sales. The month also posted the highest repayment figure of the year at N4.08 trillion, reflecting the maturity schedule of instruments issued in late 2024.
Primary market activity moderated in the second quarter. April saw PM Sales of N1.54 trillion and repayments of N665.02 billion. In May, sales reached N1.51 trillion, with repayments rising to N1.29 trillion. Issuances dropped in June to N712.02 billion, while repayments totalled N954 billion. The fluctuations reflected shifts in maturing securities and government financing needs.
Market conditions between July and November
Issuances in July stood at N677.75 billion, with repayments slightly higher at N951.68 billion. August recorded PM Sales of N477.04 billion, while repayments fell sharply to N23.99 billion, the lowest for the year. The minimal repayment level was due to the smaller volume of securities scheduled to mature during the month.
Primary market activity rebounded in September, with N930.35 billion in issuances and N538.42 billion in repayments.
October was one of the strongest months in the second half of the year, recording N1.85 trillion in PM Sales and N1.15 trillion in repayments. The month featured increased participation in medium- and long-term government securities.
November trends and overall outlook
Between November 1 and 21, PM Sales reached N1.64 trillion, while repayments were closely aligned at N1.61 trillion. The narrow difference reflected balanced funding and repayment activity ahead of December’s scheduled auctions.
Across the review period, February and March recorded the highest PM Sales, both exceeding N3.1 trillion. March also led in repayment volume.
Overall, the data shows active participation in government securities throughout 2025 and consistent reliance on domestic debt instruments to support government financing operations.
