The Central Bank of Nigeria has opened Nigerian Treasury bills worth N1.15 trillion for investor subscription, signalling an intensified effort to absorb excess liquidity from the financial system.
The auction comes just a day after the apex bank raised N2.71 trillion through an Open Market Operations (OMO) bills sale, reinforcing its tightening stance in the fixed-income space.
Market analysts described the move as an aggressive liquidity management strategy, noting that offered rates are expected to remain attractive to investors seeking higher yields amid prevailing monetary conditions.
At the auction, the CBN offered N150 billion worth of 91-day Treasury bills. In addition, N200 billion in 182-day bills was made available to investors, according to the auction circular released by the authority.
The largest portion of the offer was allocated to the long end of the curve, with N800 billion worth of 364-day Treasury bills placed on offer. Analysts noted that the structure of the auction suggests a deliberate push toward longer-dated instruments.
Market participants believe the first Treasury bills auction of 2026 underscores the CBN’s intention to maintain firm control over liquidity while encouraging a repricing of yields across the curve.
At the time of reporting, investors were awaiting the release of the auction results, which are expected to provide further clarity on demand levels and stop rates.
Fixed-income analysts anticipate strong subscription levels, driven by persistent appetite from banks, fund managers, and other institutional investors repositioning portfolios in response to tighter monetary conditions.
