CBN Cuts 364-Day NTB Stop Rate to 16.62% in Auction

On September 9, 2026, the Central Bank of Nigeria (CBN) allotted N1.05 trillion at its Treasury Bills primary market auction, cutting the stop rate on the 364-day bill to 16.62%, the lowest in recent weeks. This reduction marks the third straight cut, indicating a shift in the CBN's interest rate strategy after over three years of high rates and monetary tightening.

Investors submitted N2.64 trillion in bids against an offer of N750 billion, leading to an allotment of N1.054 trillion, which is N304.18 billion above the original offer size. The CBN, in collaboration with the Debt Management Office (DMO), had initially advertised a N500 billion offer.

The auction saw a bid-to-offer ratio of about 3.52 times, with the 364-day bill accounting for approximately 96% of total subscriptions. The stop rate fell by 22 basis points from 16.84% at the previous auction on September 2.

The ongoing demand suggests a trend towards a rate-easing phase in Nigeria's fixed income market.