CBN's March 4 Auction Sees N2.34trn in Bids

On March 4, 2026, the Central Bank of Nigeria (CBN) conducted a Treasury Bill Auction that attracted bids totaling N2.34 trillion, ultimately allotting N1.01 trillion across three tenors. The auction results indicated a sustained investor appetite for government securities, especially at the longer end of the curve, amid rising yields.

The auction featured 91-day, 182-day, and 364-day instruments, with demand heavily skewed towards the one-year bill. The stop rate for the 364-day tenor edged higher, suggesting that investors are seeking higher returns in the current elevated interest rate environment.

The overwhelming subscription for the 364-day Treasury Bill, which significantly exceeded its offer size, contrasted with weaker demand for shorter tenors. This data underscores a clear investor preference for longer-duration securities.

The auction's results reflect upward pressure on yields, indicating that investors are demanding higher compensation for locking in funds for longer maturities. The auction was executed using a Dutch auction system, enhancing efficiency and price discovery.