The Central Bank of Nigeria (CBN) allotted a total of N894.17 billion at its Treasury Bills Primary Market Auction held on Wednesday, April 22, 2026, amid strong investor demand and stable stop rates across all maturities.
The auction results seen by Nairametrics on Wednesday show that total subscriptions surged 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.
What the data is saying:
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.
- The 91-day bill saw relatively weaker demand, with N72.73 billion subscribed against N100 billion offered, and N64.48 billion allotted.
The data highlights a continued investor preference for longer-dated instruments, while short-term demand remained relatively subdued.
More insights:
Stop rates across all tenors remained unchanged, suggesting a pause in the recent yield adjustments observed earlier in the month.
- 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.
- The 364-day bill also held at 16.20%, maintaining its prior level.
Notably, 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.
What you should know:
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, as Nairametrics earlier reported.
- So far in April, the CBN has conducted two NT-bills auctions, offering N700 billion in the April 8 auction and N750 billion in the latest auction, respectively.
- However, the total allotment at N1.63 trillion has exceeded the planned offer of N1.45 trillion for this month.
The elevated rates exceeding the secondary market yields suggest desperation to retain investor interest in Nigeria’s fixed income instruments at extraordinary cost as the government continues to rely on short-term instruments to manage liquidity and fund obligations.
