The Central Bank of Nigeria (CBN) is set to open N800 billion worth of Nigerian Treasury Bills (NTBs) for subscription this week, according to its revised calendar. The primary market auction, scheduled for Wednesday, will see the offer split across standard maturities of 91 days, 182 days, and 364 days.
Market analysts predict that the offer will be significantly oversubscribed, reflecting the current investment climate. In last week’s primary market auction, the CBN offered N550 billion worth of Treasury Bills across different tenors.
Investor Demand and Interest Rate Trends
- Demand for the 364-day bill was particularly strong, attracting N1.19 trillion in bids—almost three times the offer size.
- The CBN eventually allotted N678.76 billion, exceeding the total offer size by 23%, with 90% of allotments going to the 364-day bill.
- Stop rates for the 91-day paper remained unchanged at 17.00%.
- The 182-day Treasury Bill’s stop rate increased by 4 basis points to 17.79%.
- The 364-day bill’s rate rose by 57 basis points to 18.39%.
Analysts believe that with expectations of lower interest rates, investor participation will remain strong. Investors continue to favor longer-term securities as they seek to optimize returns on naira-denominated assets.
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