The Central Bank of Nigeria (CBN) is gearing up to open subscriptions for Treasury Bills in its scheduled midweek primary market auction. The Debt Management Office (DMO) will coordinate the auction on behalf of the apex bank, with offers distributed across standard maturities.
Market analysts expect spot rates to moderate as a result of easing inflationary pressure and widening real investment returns. Nigeria’s inflation rate dropped to 21.88% year-on-year in July, while the Monetary Policy Committee (MPC) retained the benchmark interest rate at 27.50%.
The MPC’s decision to maintain the tight monetary stance follows previous increases aimed at curbing persistent headline inflation, which has remained well above the CBN’s target range.
With disinflation and strong investor appetite at play, Treasury bill rates have been repriced across standard maturities, supported by improving macroeconomic fundamentals.
In the secondary market, activity has been more visible in the short- and medium-term maturities. Pre-auction trading remained subdued, although dealers reported mild buying interest in short-dated bills such as the November 20 NTB, while offers were spotted in the February 5 and February 19 maturities.
At market close, the average mid-rate held steady as investors turned their focus to the midweek auction, where ₦230 billion worth of Treasury Bills will be on offer, according to AIICO Capital Limited.
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