By Boluwatife Oshadiya | August 12, 2026
Key Points
- CBN offers ₦700 billion across 91-day, 182-day and 364-day Nigerian Treasury Bills
- Investor demand is expected to remain strong after the previous auction was cancelled
- Analysts expect the 364-day tenor to attract the strongest demand, with stop rates broadly stable
Main Story
The Central Bank of Nigeria (CBN) is set to auction ₦700 billion in Nigerian Treasury Bills (NTBs) today, Wednesday, August 12, across three standard maturities as investors position for relatively attractive fixed-income yields.
The auction will offer ₦100 billion in 91-day bills, ₦100 billion in 182-day bills and ₦500 billion in 364-day bills, according to the auction details contained in the market report.
The auction is expected to attract significant subscriptions amid sustained demand in the secondary market and excess liquidity across the financial system. Market participants have also been positioning for the auction following the cancellation of the previous week’s scheduled sale.
At the previous auction in July, the total offer size rose 16.67% to ₦700 billion from ₦600 billion, while investor subscriptions increased 19.24% to ₦3.62 trillion from ₦3.03 trillion, according to Meristem Securities.
Total allotment also increased 4.74% to ₦1.25 trillion, with the 364-day bill accounting for ₦1.02 trillion, or 81.57% of the total allotment.
“The allotment-to-offer ratio declined to 1.78x from 1.98x, mirroring the larger offer size, while the bid-to-cover ratio remained strong at 3.32x,” Meristem Securities said in its report.
The 91-day and 182-day stop rates were unchanged at 16.30% and 16.50%, respectively, while the 364-day stop rate declined by 31 basis points to 17.35% from 17.66%.
Since the last auction, the average NTB yield has also eased to 18.09% as of August 10 from 18.16% at the previous auction, indicating continued demand for short-term government securities.
What’s Being Said
“The allotment-to-offer ratio declined to 1.78x from 1.98x, mirroring the larger offer size, while the bid-to-cover ratio remained strong at 3.32x,” Meristem Securities Limited said.
Market analysts cited in the source report expect healthy participation at the auction, particularly for the 364-day tenor, as institutional investors seek to lock in prevailing yields.
What’s Next
- The CBN will conduct the ₦700 billion auction across the three tenors on Wednesday, August 12
- Investors will watch the 364-day bill for signs of stronger demand and possible movement in the stop rate
- Market participants will assess the auction’s allotment and stop rates for signals on near-term fixed-income pricing
Bottom Line
The Bottom Line: The auction comes into a market where demand for Nigerian Treasury Bills remains strong, particularly at the long end, even as secondary-market yields continue to ease. The size of subscriptions and the 364-day stop rate will provide an important signal of whether investors are still willing to accept lower yields to secure government-backed returns.
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