The Central Bank of Nigeria (CBN) conducted its Treasury Bills Primary Market Auction on Wednesday, March 11, 2026, with total subscriptions hitting N2.78 trillion, about 227.06% higher than N850 billion on offer, even at a lower stop rate for longer dated tenor.
Nairametrics had reported that CBN would offer N850 billion at the NTB auction.
However, the auction results show the apex bank allotted a total of N933.92 billion across the three tenors offered, about 9.87% higher than the N850 billion offered.
The auction featured the 91-day, 182-day, and 364-day instruments, with demand heavily concentrated on the one-year bill.
While stop rates remained largely stable across the shorter tenors, the 364-day instrument recorded a marginal decline, suggesting investors were willing to accept slightly lower rates to lock in longer-term returns.
What the data is saying
The auction results seen by Nairametrics indicate that demand was overwhelmingly concentrated on the 364-day Treasury Bill, which recorded subscriptions far above its offer size, continuing the trend seen in all the recent auctions.
The CBN offered a total of N850 billion across the three maturities, comprising:
- N100 billion for the 91-day bill, N150 billion for the 182-day bill, and N00 billion for the 364-day instrument. Total subscriptions, however, surged to N2.78 trillion.
- The 364-day bill alone attracted N2.57 trillion in bids against the N600 billion offered, with N731.81 billion eventually allotted.
- The 91-day and 182-day instruments recorded subscriptions of N131.12 billion and N82.34 billion, respectively.
- Allotments for the two maturities settled at N130.74 billion for the 91-day bill and N71.37 billion for the 182-day bill.
- Stop rates settled at 15.95% for the 91-day bill, 16.65% for the 182-day bill, and 16.72% for the 364-day bil,l respectively.
Overall, the data underscores a clear investors’ tilt toward longer-duration securities, reflecting the continued search for attractive yields in Nigeria’s fixed income market.
More insights
Pricing dynamics at the auction reflected relative stability in the fixed income market, particularly across the short- and medium-term instruments.
- The stop rate on the 364-day Treasury Bill declined marginally by 0.01 percentage points to 16.72% from 16.73% at the previous auction, despite the exceptionally strong demand for the instrument.
- Meanwhile, the stop rates on the 91-day and 182-day bills remained unchanged at 15.95% and 16.65% respectively, indicating stable investor expectations for short- to medium-term yields.
The slight decline in the one-year stop rate suggests that system liquidity remains robust, with investors still eager to secure longer-term risk-free returns even at marginally lower yields.
What you should know
This latest Treasury Bills auction reflected the trend seen at the previous March 4 Primary Market Auction, where:
- Investor demand remained heavily concentrated on the 364-day instrument.
- Subscriptions for the one-year bill exceeded N2.5 trillion, far above the amount offered.
- Shorter tenors recorded relatively softer demand compared to supply, mirroring the pattern observed in the previous auction.
- However, yield for longer-dated bills came slightly lower, unlike previous auctions where the yield significantly edged up.
Despite a slight moderation in the 364-day stop rate, investors’ demand was strong, suggesting robust system liquidity and investors’ willingness to accept marginally lower returns to secure longer-duration risk-free assets.
