The Central Bank of Nigeria (CBN) has announced plans to hold its second Treasury Bills auction for the month on Wednesday, offering a total of ₦290 billion across three maturity periods.
The breakdown includes N30 billion for 91-day bills, N60 billion for 182-day bills, and N250 billion for 364-day bills. Analysts expect rates to taper slightly due to disinflation and growing calls for monetary easing, given the inflation rate’s decline to 20.12% in August.
AAG Capital Limited projected the 91-day paper to close between 15.19% and 15.39%, lower than the 15.32% cut-off from the previous auction. The 182-day bills are expected to remain stable between 15.30% and 15.50%, while the 364-day maturity could attract between 17.19% and 17.39%.
The firm added that the narrowing spread between OMO bills and Nigerian Treasury Bills — now up to 300 basis points — reinforces the likelihood of rate convergence, particularly as one-year bills gain traction among investors.
Analysts also highlighted that the headline inflation drop further strengthens the case for rate cuts after a prolonged period of policy tightening.
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