The Central Bank of Nigeria (CBN) will on Wednesday open subscription for N700 billion worth of Treasury Bills, positioning the auction as one of the major liquidity events for fixed-income investors this month.
The apex bank will roll out N100 billion in 91-day bills, targeted at short-term investors seeking low-risk instruments. At the mid-segment of the curve, the CBN will auction N150 billion worth of 182-day bills, attracting interest from pension fund managers, banks, and asset managers.
The longest-tenor instrument—364-day bills—valued at N450 billion, is also scheduled for offer as the CBN continues its deliberate efforts to manage liquidity and support price stability.
Market watchers expect spot rates to slightly decline at the upcoming auction, largely due to Nigeria’s ongoing disinflation trend. In the previous sale, the apex bank retained all spot rates despite clearer signs of easing inflation.
At the prior auction, 91-day bills were allotted at 15.30%, the 182-day tenor cleared at 15.50%, while 364-day bills settled at 16.04%.
In the secondary market, long-term yields expanded, particularly on the 05-NOV (+47 bps) and 19-NOV (+33 bps) maturities. Conversely, mid-tenor instruments recorded yield contraction following increased demand, with the 05-MAR falling by -27 bps and the 07-MAY shedding -20 bps. These movements pushed the average yield slightly higher by 1 basis point to 16.83%.
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