The average yield on Nigerian Treasury Bills (NTBs) dipped further as strong demand in the secondary market followed the latest auction by the Central Bank of Nigeria (CBN). Trading opened on a bullish note as investors whose bids were unsuccessful at Wednesday’s primary market auction turned to the secondary market, driving yields lower.
However, mid-session activity slowed after the release of a revised auction calendar, scheduling the next NTB auction for Wednesday, March 19, 2025. This prompted some investors to exit positions in anticipation of higher yields at the upcoming auction, leading to a slight rebound in yields.
Trading was largely concentrated at the long end of the curve, with the one-year bill reaching 18.50%. By the close of the session, the average benchmark yield had declined by 1 basis point (bp) to 18.89%. Similarly, the average yield on Open Market Operations (OMO) bills in the secondary market fell by 1bp to 22.4%.
“We anticipate that market sentiment will remain cautious in the coming sessions as investors await the upcoming auction,” TrustBanc stated in an investor note.
At the midweek auction, the CBN offered ₦550 billion but ultimately sold approximately ₦678.76 billion. The stop rate for the 91-day bill remained steady at 17.00%, while the 182-day and 364-day bills saw stop rates rise by 4bps to 17.79% and 57bps to 18.39%, respectively.
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