The Central Bank of Nigeria (CBN) increased the yield on its 364-day Treasury bills to 17.95% during Wednesday’s ad hoc primary market auction, following an overwhelming surge in investor demand across major tenors.
The apex bank issued N700 billion in Treasury instruments across the standard 91, 182, and 364-day maturities. Total subscriptions reached N1.69 trillion, significantly higher than last week’s auction levels.
For the 91-day paper, the CBN offered N100 billion and recorded total bids of N106.07 billion. It allotted N103.36 billion at a stop rate of 15.30%, unchanged from the previous auction.
However, interest in the 182-day tenor was relatively weak. Against an offer of N150 billion, bids amounted to N23.60 billion, leading the bank to allot N13.64 billion at a steady rate of 15.50%.
The strongest investor appetite was recorded on the one-year bills, with subscription reaching N1.599 trillion compared to the N450 billion on offer. The CBN allotted N671.20 billion and raised the stop rate from 17.50% to 17.95%, despite broader disinflation signals.
The latest adjustment has made longer-tenor Treasury bills increasingly attractive to market participants seeking higher-yielding, low-risk instruments.
 increased the yield on its 364-day Treasury bills to 17.95% during Wednesday’s ad hoc primary market...){kind=link}