By Boluwatife Oshadiya / 24th April, 2026
Key Points
- CBN retains stop rates across all Treasury bill tenors
- Total subscription hits N2.364 trillion, over three times offer size
- One-year bills dominate investor demand
- Apex Bank allots N894.6 billion across maturities
Main Story
The Central Bank of Nigeria (CBN) held Treasury bills rates steady at its latest primary market auction, even as investor demand surged significantly beyond the amount offered, signalling sustained liquidity pressure and strong appetite for government securities.
At the midweek auction, the apex bank sought to raise N750 billion across the standard maturities of 91-day, 182-day, and 364-day instruments. However, total subscriptions climbed sharply to N2.364 trillion, more than three times the initial offer.
Despite the strong demand, the CBN maintained its stop rates across all tenors, reinforcing its current monetary stance aimed at controlling inflation while managing liquidity in the financial system.
Breakdown of the auction results shows that:
- The 91-day Treasury bill recorded N72.73 billion in subscriptions, below the N100 billion offered. The CBN allotted N64.48 billion at a steady rate of 15.95%.
- The 182-day instrument attracted N172.08 billion, exceeding its N100 billion offer. The apex bank allotted N76.24 billion at an unchanged rate of 16.19%.
- The 364-day Treasury bill remained the most attractive to investors, drawing a massive N2.119 trillion in subscriptions. However, only N753.45 billion was allotted at a fixed rate of 16.119%.
In total, the CBN sold N894.61 billion worth of Treasury bills, reflecting a deliberate strategy of partial allotment to moderate system liquidity despite strong investor demand.
The sustained preference for long-dated instruments highlights market expectations of continued high yields and a cautious outlook on inflation and monetary policy direction.
What’s Being Said
Market analysts note that the decision to maintain rates despite heavy oversubscription underscores the CBN’s commitment to tightening liquidity conditions without triggering excessive borrowing costs.
“The strong demand, particularly for one-year bills, reflects investors locking in yields amid expectations that rates may not rise significantly further in the near term,” a Lagos-based fixed income analyst said.
What’s Next
With inflationary pressures still elevated and liquidity conditions actively managed, analysts expect the CBN to continue its strategy of controlled allotments and rate stability in subsequent auctions.
Attention will also shift to upcoming Monetary Policy Committee (MPC) decisions, which could provide further signals on interest rate direction and liquidity management.
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