By Boluwatife Oshadiya, | April 20, 2026
KEY POINTS
- CBN to raise ₦750 billion across 91-, 182-, and 364-day bills
- System liquidity remains elevated at ₦3.84 trillion
- Auction expected to be oversubscribed on strong investor appetite
MAIN STORY
The Central Bank of Nigeria (CBN) is set to auction ₦750 billion worth of Treasury bills this week across three maturities, as strong liquidity conditions and investor demand continue to drive activity in the fixed-income market.
The issuance includes ₦100 billion in 91-day bills, ₦150 billion in 182-day bills, and ₦500 billion in 364-day instruments, reflecting increased appetite for longer-duration assets. Market analysts expect the auction to attract robust subscription levels, supported by excess liquidity in the financial system.
Liquidity in the banking system stood at ₦3.84 trillion at the close of last week, bolstered by inflows from maturing instruments and sustained deposits at the CBN’s Standing Deposit Facility. Additional inflows estimated at ₦1.6 trillion from maturing Treasury bills, OMO instruments, and bond coupons are expected to further support liquidity conditions.
Despite strong demand, the CBN has continued to moderate yields. At the previous auction, stop rates declined on 182-day and 364-day bills to 16.19% and 16.199%, respectively, while the 91-day rate remained unchanged.
“The midweek auction is likely to be oversubscribed given sustained appetite and liquidity levels,” analysts noted.
WHAT’S BEING SAID
“The CBN’s yield compression reflects strong demand dynamics in the market,” Cowry Asset Limited said.
“However, real returns remain pressured despite elevated nominal rates,” analysts added.
WHAT’S NEXT
- Treasury bills auction scheduled midweek with expected strong participation
- Market to track stop rate direction amid declining yields
- Liquidity impact from auction likely to shape short-term rate movements
THE BOTTOM LINE:
The CBN is leveraging strong liquidity to refinance obligations at lower yields, but declining real returns may test investor appetite if inflationary pressures persist.
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