By BizWatch Nigeria Markets Desk | September 10, 2026
Key Points
- CBN cuts the one-year Treasury bill rate to 16.62% from 16.84%
- Investors submit ₦2.64 trillion in bids against ₦750 billion offered across three tenors
- One-year Treasury bills attract ₦2.54 trillion, accounting for 96% of total subscriptions
Main Story
The Central Bank of Nigeria cut the interest rate on one-year Treasury bills to 16.62% at its midweek auction, as strong investor demand supported ₦1.05 trillion in total allotments. The CBN offered ₦750 billion in Treasury bills across 91-, 182- and 364-day maturities, but investors submitted ₦2.64 trillion in bids, more than three times the amount offered.
The 364-day Treasury bill accounted for 96% of total subscriptions, highlighting continued investor preference for longer-duration naira assets. Demand for the one-year paper reached approximately ₦2.54 trillion against the ₦500 billion offered by the CBN.
The authority allotted ₦961.28 billion of the one-year bills at 16.62%, down from 16.84% at the previous auction. The repricing represents the third consecutive adjustment since August 2026, following the CBN’s decision to remove restrictions on retail investor participation in OMO auctions.
For the shorter maturities, the CBN offered ₦150 billion of 91-day bills and received ₦75.70 billion in subscriptions. It allotted ₦70.47 billion at 16.30%, unchanged from the previous auction.
The 182-day instrument attracted ₦28.97 billion in subscriptions against ₦100 billion offered. The CBN allotted ₦22.44 billion at a rate of 16.50%.
Overall, the auction raised ₦1.05 trillion from investors, supported by substantial liquidity in the financial system.
What’s Being Said
MarketForces Africa reported that the latest auction represents the third consecutive repricing of Treasury bill rates since August 2026.
The report also noted that the CBN has been taking steps to reduce borrowing costs across domestic debt instruments, including Treasury bills, OMO bills and bonds.
No direct quotation from the CBN or an independent analyst was provided in the source material.
What’s Next
- The CBN’s subsequent Treasury bill auctions will show whether the downward repricing trend continues
- Investor demand for longer-duration naira instruments will remain an important indicator of appetite for domestic government securities
- Future auction rates will also determine how quickly domestic borrowing costs adjust across the fixed-income market
Bottom line
The Bottom Line: The lower one-year Treasury bill rate signals continued downward repricing in the domestic fixed-income market despite exceptionally strong demand. The size of investor subscriptions suggests that demand for naira assets remains robust even as yields begin to fall.
