By Boluwatife Oshadiya | August 13, 2026
Key Points
- CBN raises the 364-day Treasury bill stop rate to 17.59%, up 24 basis points from the previous auction
- Investors submit more than ₦4.414 trillion in bids against ₦700 billion offered across three maturities
- DMO allots about ₦1.46 trillion as demand remains concentrated in the one-year instrument
Main Story
The Central Bank of Nigeria (CBN) raised the stop rate on 364-day Nigerian Treasury bills (NTBs) to 17.59% at Wednesday’s primary market auction, as investor demand pushed total subscriptions above ₦4.414 trillion.
The Debt Management Office (DMO), acting on behalf of the Federal Government, offered ₦700 billion across the 91-day, 182-day and 364-day NTBs. The offer comprised ₦100 billion each for the 91-day and 182-day instruments and ₦500 billion for the one-year bill.
According to the auction results, total subscriptions were more than six times the amount offered, producing a bid-to-offer ratio of about 6.3 times. The DMO subsequently allotted about ₦1.46 trillion across the three tenors.
Demand was strongest at the long end of the market. Investors submitted more than ₦4.188 trillion for the 364-day instrument, compared with the ₦500 billion initially offered. The CBN allotted ₦1.26 trillion at a stop rate of 17.59%, representing a 24-basis-point increase from the previous rate.
The 91-day bill attracted ₦162.21 billion in subscriptions against ₦100 billion offered, with ₦148.57 billion allotted at 16.30%.
For the 182-day instrument, subscriptions reached ₦63.97 billion against an offer of ₦100 billion. The CBN allotted ₦47.48 billion at a stop rate of 16.50%.
The concentration of demand in the 364-day bill indicates stronger investor preference for longer-duration naira fixed-income assets at the current yield levels.
The CBN describes Nigerian Treasury bills as short-term government securities with maturities ranging from 91 to 364 days and issued at a discount, with investors receiving the difference between the purchase price and maturity value.
What’s Being Said
The auction data supplied for this report does not include a direct statement from the CBN, DMO, an investment analyst or another independent market participant.
Editorial note: Before publication, the newsroom should obtain at least one authoritative comment from the CBN or DMO and one independent market response, in line with the Daily News Brief sourcing requirement.
What’s Next
The immediate market focus will be on the next Treasury bill auction and whether demand for the 364-day instrument remains concentrated at the long end.
Investors will also watch subsequent stop-rate movements for indications of whether one-year NTB yields are continuing to rise or beginning to stabilise after the latest increase.
The next auction date and offer structure should be inserted once confirmed from the CBN’s official issuance programme or auction notice.
Bottom Line
The Bottom Line: The latest auction shows that investors remain willing to commit substantial funds to one-year Nigerian Treasury bills despite the higher yield environment. The sharp concentration of demand in the 364-day instrument also makes the long end of the NTB curve the key segment to watch for changes in investor positioning and funding conditions.
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