The Central Bank of Nigeria (CBN) has increased the stop rate on 364-day Nigerian Treasury Bills to 16.50%, according to results from its latest primary market auction held on Wednesday.
Acting through the Debt Management Office (DMO), the apex bank offered a total of ₦220 billion across the standard tenors of 91, 182, and 364 days. The auction witnessed robust participation, with total subscriptions reaching ₦366.55 billion, signaling sustained investor appetite for fixed-income instruments—particularly longer-dated bills.
Investor interest was overwhelmingly skewed toward the 364-day bills, which received bids totaling ₦323.08 billion—more than double the ₦140 billion on offer. Ultimately, the CBN allotted ₦139.59 billion at a stop rate of 16.50%, up 62 basis points from 15.88% recorded at the previous auction.
Short-term maturities attracted considerably less attention. The 91-day bills, offered at ₦60 billion, saw tepid demand of just ₦22.60 billion. The CBN maintained the stop rate at 15.00% and allotted ₦15.33 billion to investors.
At the mid-curve, the 182-day bills recorded modest interest, with total subscriptions of ₦20.87 billion, slightly above the ₦20 billion offered. The spot rate was unchanged at 15.50%, with ₦18.32 billion allotted.
The uptick in yield on the 364-day instrument suggests that the CBN is maintaining its tight monetary stance in line with broader efforts to curb inflation and stabilize the naira. Analysts say the continued demand for longer tenors reflects investors’ preference for higher returns in a high-interest-rate environment.
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