NTB Subscriptions Drop to N6.13 Trillion in 2026

In the first two months of 2026, subscription to Nigerian Treasury Bills (NTBs) fell to N6.13 trillion, marking a 37% decline from N9.68 trillion recorded in the same period in 2025, according to data from the Central Bank of Nigeria (CBN). In January 2026, total NTB subscriptions reached N4.69 trillion, a 197% month-on-month increase from N1.54 trillion in December 2025.

However, the total amount settled by CBN was N2.1 trillion, a 23% decrease from N2.72 trillion in the first two months of 2025. The spot rate for 364-day NTBs dropped to 16.99% in February 2026, compared to 18.43% in February 2025.

The CBN has adjusted its discount rates due to strong demand, with the current inflation rate at 15.05% as of January 2026. Investor demand for long-maturity NTBs has increased, contributing to the total subscription.

The CBN's Monetary Policy Committee is expected to meet in 2026 to discuss interest rates amid a slowing inflation rate.