The Central Bank of Nigeria (CBN) is set to offer ₦650 billion worth of Nigerian Treasury Bills (NTBs) for subscription in its upcoming primary market auction next week, as the market anticipates lower short-term borrowing costs.
The offering follows the Monetary Policy Committee’s (MPC) decision in September to cut the benchmark interest rate by 50 basis points, signaling a more accommodative stance.
According to auction details released by the apex bank, the CBN will issue ₦100 billion each for 91-day and 182-day maturities, and ₦450 billion for 364-day Treasury bills.
Market analysts expect yields to ease slightly in response to the improved inflation outlook, with real interest rates rising to 8.98% and investors showing strong demand for longer tenors.
In its fourth-quarter auction calendar, the CBN had previously raised ₦570 billion across similar maturities, while also reducing spot rates on mid-to-long term notes to reflect changing liquidity conditions.
During last week’s auction, the CBN offered ₦600 billion in Open Market Operation (OMO) bills with 193-day and 249-day tenors, attracting an impressive ₦2.12 trillion in total bids—fully allotted at stop rates of 19.40% and 19.89%, respectively.
In the secondary market, bullish activity persisted as investors maintained strong interest in Treasury Bills, driving average yields 6 basis points lower to 17.39% week-on-week.
However, mild sell-offs on certain OMO maturities—particularly the 9-Dec and 17-Feb notes—pushed average OMO yields up by 105 basis points to 21.62%.
Analysts project that the upcoming auction could see similar levels of demand as investors continue to seek attractive returns in the fixed-income space amid moderating inflation and stable monetary policy outlook.
 is set to offer ₦650 billion worth of Nigerian Treasury Bills (NTBs) for subscription in its upcoming primary market auction next week, as the market anticipates lower short-term borrowing costs.){kind=link}