Nigeria's Treasury Bills Auction Sees N2.95trn Subscriptions

On April 8, 2026, Nigeria's Treasury Bills auction conducted by the Central Bank of Nigeria attracted a total subscription of N2.95 trillion, which overshot the N700 billion offer significantly. The auction results indicated that the apex bank allotted N731.37 billion across three tenors, which is 4.5% higher than the planned offer.

The auction featured 91-day, 182-day, and 364-day instruments, with the 364-day Treasury Bills continuing to dominate investor interest. Despite a decline in stop rates, the auction highlighted a stable yield environment, particularly in the medium to long-term tenors, while short-term rates remained unchanged.

The data suggests that investors are increasingly favoring longer-dated securities to lock in higher yields for extended periods, despite the falling stop rates. The overall demand remains elevated, underscoring strong system liquidity and a continued appetite for longer-term investment options among market participants.