Nigeria’s fixed-income market opened 2026 on a tighter monetary footing as the Central Bank of Nigeria (CBN) raised stop rates across all Nigerian Treasury Bills (NTBs) maturities following strong investor participation at its first primary market auction of the year.
The auction, which attracted aggregate subscriptions of ₦1.543 trillion, saw the apex bank maintain its upward rate trajectory across the 91-day, 182-day, and 364-day instruments, reinforcing a trend that began in the final quarter of 2025.
In the auction, the CBN initially offered ₦1.15 trillion worth of Treasury bills to investors, aligning its issuance strategy with expectations that Nigeria’s inflation outlook may gradually improve in the coming months.
For the 91-day Treasury bill, the central bank put ₦150 billion on offer. However, demand at the short end of the curve remained subdued, with total subscriptions reaching only ₦112.263 billion. Of this amount, the CBN allotted ₦108.170 billion, reflecting limited investor appetite for short-dated securities amid prevailing yield considerations.
Mid-tenor instruments also recorded weak interest. The CBN offered ₦200 billion in 182-day Treasury bills, but investor response fell significantly below the offer size. Subscription for the six-month paper came in at ₦49.910 billion, with allotments standing at ₦48.230 billion, underscoring broad investor preference for longer-duration assets.
By contrast, demand surged at the long end of the curve. The CBN offered ₦800 billion in 364-day Treasury bills, a tenor that has historically attracted robust participation. Investors submitted bids totaling ₦1.380 trillion, once again confirming strong appetite for one-year government securities.
Despite the overwhelming demand, the apex bank exercised selectivity, allotting ₦987.784 billion and rejecting excess bids. Total allotments across all maturities settled at ₦1.144 trillion for the auction.
In line with the demand dynamics, stop rates were adjusted upward across all tenors. The yield on the 91-day Treasury bill rose to 15.80 per cent, compared with 15.30 per cent at the previous auction in December. The 182-day bill cleared at 16.50 per cent, up from 15.50 per cent, while the one-year instrument recorded a higher stop rate of 18.47 per cent, compared with 17.95 per cent previously.
Market analysts note that the continued rise in Treasury bills yields reflects the CBN’s broader monetary tightening stance, aimed at managing liquidity and anchoring inflation expectations. The strong oversubscription at the long end suggests that investors remain willing to lock in elevated yields amid uncertainty around interest rate direction and inflation moderation.
 raised stop rates across all Nigerian Treasury Bills (NTBs) maturities following strong investor participation at its first primary market auction of the year.){kind=link}