The Central Bank of Nigeria (CBN) has once again recalibrated yields across the Nigerian Treasury bills (NT-bills) market, increasing stop rates on short- and mid-term instruments while trimming yields on the one-year paper amid overwhelming investor demand.
At the primary market auction conducted on Wednesday, the apex bank raised the stop rates on the 91-day and 182-day Treasury bills, reflecting muted appetite for shorter tenors. In contrast, yields on the 364-day instrument were moderated downward, underscoring persistent demand for longer-duration naira assets.
The CBN offered a total of ₦1.15 trillion across the three standard maturities. However, investor interest far exceeded supply, buoyed by robust system liquidity and sustained confidence in fixed-income instruments. Total subscriptions surged to approximately ₦3.44 trillion, more than triple the amount on offer.
A breakdown of auction results showed that demand was heavily skewed toward the 364-day bills, which accounted for about 98 percent of total bids. Combined subscriptions for the 91-day and 182-day tenors stood at just ₦92.64 billion, signaling continued investor preference for higher-yielding long-term securities.
Specifically, the one-year Treasury bill attracted over ₦3.34 trillion in bids, reinforcing the market’s appetite for longer-dated government securities. In response, the CBN allotted ₦977.68 billion worth of the 364-day bills—roughly 29 percent of bids received—while rejecting the bulk of excess demand.
Across all maturities, the apex bank raised ₦1.06 trillion, deliberately scaling back allotments to manage liquidity conditions. For the shorter tenors, ₦40.61 billion was allotted on the 91-day paper, while ₦42.16 billion was sold for the 182-day bills.
Yield movements reflected these demand dynamics. The stop rate on the 91-day Treasury bill edged up to 15.84 percent from 15.80 percent, while the 182-day bill rose to 16.65 percent from 16.50 percent. Conversely, the yield on the 364-day bill was cut to 18.36 percent from 18.47 percent, with nearly 70 percent of bids rejected.
Market analysts note that the continued tilt toward long-term securities reflects expectations of future monetary tightening risks, as well as investors’ desire to lock in attractive yields amid evolving macroeconomic conditions.
 has once again recalibrated yields across the Nigerian Treasury bills (NT-bills) market, increasing stop rates on short- and mid-term instruments while trimming yields on the one-year paper amid overwhelming investor demand.){kind=link}