The Central Bank of Nigeria (CBN) conducted its Treasury Bills Primary Market Auction on Wednesday, April 8, 2026, with total subscriptions rising to about N2.95 trillion, significantly exceeding the N700 billion on offer, despite a decline in stop rates.
Auction results show that the apex bank allotted a total of N731.37 billion across the three tenors, about 4.5% higher than the planned N700 billion offer in its Q2 Issuance Calendar.
The auction featured the 91-day, 182-day, and 364-day instruments, with the one-year bill again attracting the bulk of investor interest.
While stop rates declined for the medium- and long-term tenors, the short-term rate remained unchanged, highlighting a stable yield environment at the front end of the curve even as liquidity conditions improved.
What the data is saying
The auction results indicate that demand remained heavily skewed toward the 364-day Treasury Bill, which continued to dominate subscriptions as investors locked down yield for longer-duration securities.
- The CBN offered a total of N700 billion across the three maturities, comprising:
- N100 billion for the 91-day bill, N100 billion for the 182-day bill, and N500 billion for the 364-day instrument.
- Total subscriptions, however, surged to about N2.95 trillion.
- The 364-day bill alone attracted approximately N2.63 trillion in bids against the N500 billion offered, with N549.50 billion eventually allotted.
- The 182-day instrument recorded subscriptions of N227.94 billion, while the 91-day bill saw N96.78 billion in demand.
- Allotments settled at N94.82 billion for the 91-day bill and N87.05 billion for the 182-day bill.
- Stop rates stood at 15.95% for the 91-day bill, 16.19% for the 182-day bill, and 16.20% for the 364-day bill, respectively.
The data indicate a persistent investor preference for longer-tenor securities, driven by the desire to lock in relatively higher yields over an extended period, despite a fall in the stop rates on longer-dated bills notwithstanding.
More insights
Pricing dynamics at the auction reflected a mild downward trend in yields for the medium- and long-term instruments, pointing to improved liquidity and sustained institutional participation.
- The stop rate on the 364-day Treasury Bill declined by 0.23 percentage points to 16.20%, while the 182-day bill also dropped by 0.23 percentage points to 16.19%.
- Meanwhile, the 91-day bill held steady at 15.95%, indicating stable expectations at the short end of the market.
- The decline in stop rates despite strong demand contrasts sharply with the trend in the previous auction, where rates trended upwards in spite of robust system liquidity.
It suggests that investors are willing to accept slightly lower rates to secure risk-free government instruments.
What you should know
This latest Treasury Bills auction reflects ongoing trends in Nigeria’s fixed income market, where investors increasingly favour longer-dated instruments amid easing yield expectations.
- Investor demand remained strongest at the long end, particularly the 364-day bill, which accounted for the bulk of total subscriptions.
- The 182-day bill also recorded notable demand, indicating growing interest across the mid-tenor segment.
- Short-term instruments saw relatively weaker demand, as evidenced by the under-subscription of the 91-day bill.
- Yields on longer-dated bills continued to ease, sustaining the trend of late March auctions where the CBN cut stop rates by 20 basis points.
Despite the moderation in stop rates, overall demand remained elevated, underscoring strong system liquidity and continued appetite for secure, longer-term investment options among market participants.
