The Central Bank of Nigeria (CBN) is preparing to auction ₦290 billion in Nigerian Treasury Bills (NTBs) this Wednesday, opening the window for investors to participate through the primary market auction (PMA).
This issuance comes amid a backdrop where ₦326.88 billion worth of maturing Treasury bills will lapse across the standard tenors this week. Analysts expect that the results from the recent Monetary Policy Committee (MPC) meeting will influence the pricing of stop rates in the auction conducted by the Debt Management Office (DMO) on behalf of the apex bank.
“We believe that the fixed income market has already factored in the likelihood of a hold in policy rates. However, a dovish stance from the monetary authority could encourage a further downward movement in yields across the entire curve,” noted analysts at AAG Capital in a market insight.
Recently, the National Bureau of Statistics (NBS) released its Consumer Price Index (CPI) data for June 2025, showing headline inflation declining to 22.22% year-on-year. This trend of disinflation is expected to affect investor sentiment in the fixed income market, particularly influencing spot rates for NTBs across the 91-day, 182-day, and 364-day maturities.
Over the past week, Treasury bill yields continued their slight downward drift, with previous repricing largely priced in. The market witnessed considerable demand for longer-dated instruments, as investors sought to secure returns before further declines.
The strongest buying pressure was observed on the short end of the curve, with benchmark papers such as MAR-27, FEB-28, and APR-29 declining by 30 basis points (bps), 15 bps, and 14 bps respectively. As a result, the average yield across the entire curve slipped by 8 bps, ending the week at 16.53%.
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