The Central Bank of Nigeria (CBN) is preparing to raise as much as ₦1.15 trillion from the domestic debt market as it conducts its second Treasury Bills (NTB) auction for the month, scheduled for Wednesday, against the backdrop of elevated liquidity levels and firming interest rate expectations.
According to details contained in the official offer circular, the apex bank will make ₦1.15 trillion worth of Nigerian Treasury Bills available for subscription across the three standard tenors of 91 days, 182 days, and 364 days.
The breakdown shows that ₦150 billion has been earmarked for the 91-day bills, while ₦200 billion will be offered under the 182-day maturity. The bulk of the issuance—₦800 billion—will be allocated to the one-year (364-day) bills, reflecting continued investor preference for longer-dated instruments amid yield repricing in the fixed income market.
Market participants anticipate a further uptick in spot rates, continuing the upward momentum observed in the final quarter of 2025. This trend has been partly attributed to renewed inflationary pressures following a brief disinflationary phase, prompting the CBN to maintain a tight monetary stance.
Despite softer inflation data in November, the apex bank had earlier raised stop rates across NTB tenors in December. The 91-day bill cleared at 15.80 per cent, up from 15.50 per cent, while the 182-day instrument was priced at 16.50 per cent compared with 15.95 per cent previously. The one-year bill also saw a notable increase, closing at 18.47 per cent from an earlier 17.51 per cent.
In a market commentary, AAG Capital Limited noted that investor appetite has remained resilient despite the size of recent trillion-naira auctions. The firm projected that cut-off rates at the upcoming auction are likely to hover around the previous auction levels.
Meanwhile, activity in the secondary Treasury bills market remained subdued, with trading conditions described as calm-to-bearish. Analysts attributed the cautious tone to light investor participation, even in the face of ample system liquidity.
Only two instruments—the April 9, 2026 and January 7, 2027 papers—recorded yield movements, rising by 58 basis points and 12 basis points, respectively. Other maturities closed largely flat as investors shifted focus toward the CBN’s Open Market Operations (OMO) auction.
At the OMO auction, the CBN allotted a total of ₦2.64 trillion across 203-day and 245-day papers, with stop rates of 19.38 per cent and 19.39 per cent, respectively. As a result of selloffs in the secondary market, the average Treasury bill yield rose marginally by four basis points to settle at 18.14 per cent, signaling subdued investor sentiment.
 is preparing to raise as much as ₦1.15 trillion from the domestic debt market as it conducts its second Treasury Bills (NTB) auction for the month, scheduled for Wednesday, against the backdrop of elevated liquidity levels and firming interest rate expectations.){kind=link}