By Boluwatife Oshadiya | July 9, 2026
Key Points
- CBN allotted approximately ₦1.1 trillion across three Treasury Bills tenors
- Stop rates increased on the 91-day and 364-day instruments, while the 182-day tenor remained unchanged
- Investors submitted about ₦1.6 trillion in bids, reflecting sustained demand for high-yield government securities
Main Story
The Central Bank of Nigeria (CBN) raised stop rates on selected Treasury Bills at Wednesday’s Primary Market Auction (PMA), allocating approximately ₦1.1 trillion to investors amid continued strong demand for government securities.
The auction, conducted by the Debt Management Office (DMO) on behalf of the CBN, offered ₦700 billion across the standard tenors, comprising ₦100 billion in 91-day bills, ₦100 billion in 182-day bills, and ₦500 billion in 364-day bills.
Total subscriptions reached approximately ₦1.6 trillion, underscoring sustained investor appetite for fixed-income instruments as elevated interest rates continue to attract institutional and retail investors seeking relatively low-risk returns.
Auction results showed that the stop rate on the 91-day Treasury Bill increased by 2 basis points to 16.30%, while the 364-day bill rose by 36 basis points to 17.70%. The 182-day bill remained unchanged at 16.50%.
Activity in the secondary Treasury Bills market remained relatively subdued following the auction. According to CardinalStone Securities Limited, mild buying interest was concentrated along the medium- to long-end of the yield curve, causing the average Treasury Bills yield to decline by 4 basis points to 18.50%.
The latest auction reflects the monetary authority’s continued effort to manage liquidity while maintaining attractive yields for government borrowing in a high-interest-rate environment.
What’s Being Said
“Mild buying interest along the medium- to long-end of the curve pushed average Treasury Bills yields lower by four basis points to close at 18.50%,” CardinalStone Securities Limited said in its market update.
Market participants say demand for Treasury Bills remains robust as investors continue to favour high-yield government securities amid prevailing monetary tightening.
What’s Next
- Investors will monitor liquidity conditions ahead of the next Primary Market Auction.
- Attention will remain on the CBN’s monetary policy stance and its impact on fixed-income yields.
- Market participants will also watch inflation and interest rate trends for clues on future Treasury Bills pricing.
The Bottom Line: The strong oversubscription at the latest Treasury Bills auction reinforces investor preference for fixed-income assets as elevated yields remain attractive. The increase in stop rates also signals that the CBN continues to prioritise liquidity management while maintaining competitive returns for investors.
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