Nigerian T-Bills Subscription Tops N1.5 Trillion Amid Strong Investor Demand

The Central Bank of Nigeria's (CBN) first Treasury Bills auction for 2026 saw subscriptions totaling over N1.5 trillion, surpassing the N1.15 trillion offer. The auction across 91-day, 182-day, and 364-day tenors recorded a subscription of N1.54 trillion, indicating sustained demand for government securities.

Meristem Securities reported robust investor appetite with a bid cover ratio of 1.34x. Despite higher stop rates compared to previous auctions, the market remains active, reflecting strong demand for T-Bills.