The Central Bank of Nigeria (CBN) has announced plans to offer N550 billion worth of Treasury bills for subscription this week, giving investors an opportunity to participate in a primary market auction set for Wednesday. According to the CBN’s financial calendar, the Treasury bills will be issued across three standard maturities: 91 days, 182 days, and 364 days.
Market analysts predict strong investor interest in the offer, leading to significant oversubscription. This is in line with recent trends where demand for government securities has remained high due to attractive yields.
Additionally, N162.17 billion worth of Treasury bills are set to mature across different tenors this week, further driving demand. With interest rates expected to decline slightly, analysts anticipate a marginal drop in market yields.
At the last primary market auction, the CBN initially offered N650 billion in Treasury bills, but investor appetite was much higher, with total subscriptions reaching N1.92 trillion—more than double the offer.
However, the CBN chose to sell only N830.44 billion to regulate money supply. Stop rates for the 91-day bill remained unchanged at 17.00%, while rates for the 182-day and 364-day bills dropped slightly to 17.75% and 17.82%, respectively, compared to the previous rates of 18.00% and 18.43%.
In a related move, the CBN also conducted an auction for Open Market Operations (OMO) bills, targeting local banks and foreign portfolio investors. The bank offered N600 billion in 355-day and 362-day tenors, receiving strong demand, with total subscriptions reaching N1.88 trillion. Ultimately, the CBN sold N1.68 trillion, with stop rates falling to 19.19% and 19.45%.
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