CBN Raises N4.86tn via NTBs as 91-Day Rate Hits 15.95%

In the first quarter of 2026, the Central Bank of Nigeria (CBN) successfully raised N4.86 trillion via Nigerian Treasury Bills (NTBs), marking a 12.2% decline from N5.54 trillion raised in Q1 2025. The significant investor interest was evident as subscriptions reached N14.84 trillion, surpassing the N9.75 trillion offered.

The CBN's strategy included raising N4.73 trillion during the review period, ultimately settling at N4.86 trillion. The 91-day NTB rate increased to 15.95% during the March 25, 2026 auction, up from 15.80% in January 2026.

The CBN aims to curb inflation and stabilize the foreign exchange rate through these measures, with the current inflation rate at 15.06% as of February 2026. For the second quarter of 2026, the CBN plans to auction N3.95 trillion in NTBs starting April 8, 2026, with a focus on longer-dated instruments reflecting investor preferences for higher yields in a high-interest environment.