The Central Bank of Nigeria (CBN) has announced plans to open ₦1.15 trillion worth of Nigerian Treasury Bills for investor subscription on Wednesday, according to its February primary market auction calendar.
The issuance will be distributed across the 91-day, 182-day, and 364-day tenors, coming at a time when spot interest rates are adjusting following recent auction outcomes and amid a shifting inflation outlook.
Market analysts anticipate sustained investor interest, supported by strong liquidity conditions in the banking system. Approximately ₦6 trillion in expected inflows is projected to bolster funding conditions, raising expectations of a potential tightening in discount rates as inflationary pressures remain under review.
Despite prevailing funding constraints, yields in the treasury market recorded mixed movements. According to Cowry Asset Limited, Nigerian Treasury Bills (NITTY) yields trended lower as investors repositioned ahead of the next primary market auction, while trading activity in the secondary market remained muted.
Cowry Asset noted that the Treasury Bills market remained bullish, with heightened demand concentrated at the longer end of the yield curve. This demand resulted in a 35 basis-point decline in average yields, reflecting continued investor preference for longer-duration instruments despite tight liquidity conditions.
Liquidity management remained central to market dynamics as the CBN intensified its open market operations (OMO) through three auction sessions aimed at mopping up excess liquidity.
On Tuesday, the apex bank offered ₦600 billion across the 210-day and 350-day OMO maturities. The auction attracted overwhelming demand, with total subscriptions reaching ₦4.9 trillion. However, the CBN made no allotments, signaling resistance to prevailing bid rates.
At Thursday’s OMO auction, investor demand strengthened further, particularly for longer-dated instruments. The 348-day bill attracted ₦4.57 trillion in bids against an initial offer of ₦300 billion, while the 208-day paper recorded ₦1.36 trillion in subscriptions.
Despite the initial ₦600 billion offer, the CBN executed an aggressive liquidity sterilization strategy, allotting a total of ₦3.79 trillion. The 348-day tenor accounted for ₦3.70 trillion of the total sales, underscoring strong investor appetite for longer maturities.
During the final OMO auction of the week on Friday, January 30, 2026, the CBN offered ₦300 billion each on the 207-day and 354-day tenors.
The 207-day instrument, maturing on August 25, 2026, recorded ₦396.14 billion in subscriptions, with bid yields ranging between 17.6990% and 19.0400%. However, no allotment was made, reinforcing the CBN’s reluctance to accommodate higher short-term rates, Cowry Asset Limited observed.
In contrast, the 354-day bill maturing January 19, 2027, attracted ₦2.17 trillion in demand, with bids spanning 17.1500% to 18.4400%. The auction cleared at a stop rate of 17.25%, with ₦2.11 trillion allotted—far exceeding the initial offer and highlighting strong investor bias toward longer-dated OMO securities.
 has announced plans to open ₦1.15 trillion worth of Nigerian Treasury Bills for investor subscription on Wednesday, according to its February primary market auction calendar.){kind=link}