CBN Lowers One-Year T-Bill Yield After N3.62tn Bids

The Central Bank of Nigeria (CBN) conducted a primary market auction on Wednesday, reducing the stop rate on its one-year treasury bill to 17.35%, down from 17.66% at the previous auction. This reduction followed overwhelming investor interest, with total subscriptions reaching approximately N3.62tn against an offer of N700bn across three maturities.

The 364-day bill attracted N3.38tn in bids for an offer size of N500bn, indicating an oversubscription of nearly seven times. The CBN allotted about N1.25tn across the 91-day, 182-day, and 364-day instruments, with over N1.02tn allocated to the one-year bill.

The 91-day T-bill saw subscriptions of N135.74bn with a stop rate of 16.30%, while the 182-day bill had N104.74bn in subscriptions, maintaining a stop rate of 16.50%. This auction is part of the CBN's N5.8tn gross issuance programme for the third quarter of 2026, with allotment letters scheduled for 30 July 2026.