The Central Bank of Nigeria (CBN) raised N1.457 trillion at its Treasury Bills primary market auction held on June 3, 2026. Stop rates were hiked across all tenors, reflecting strong investor demand that attracted N2.160 trillion in subscriptions, significantly exceeding the N1 trillion offer size.
The 364-day bill alone saw subscriptions amounting to N1.946 trillion against an offer of N800 billion. This auction result comes as the Nigerian banking system anticipates a substantial inflow cycle in June 2026, with an estimated N10.90 trillion expected, including N7.77 trillion from maturing OMO bills.
The official NTB auction results were published by the CBN on Wednesday, June 3. The CBN, acting on behalf of the Debt Management Office (DMO), offered N100 billion each for the 91-day and 182-day bills, and N800 billion for the 364-day bill. Allotment dates were set for Thursday, June 4, 2026, with maturities on September 3, December 3, and June 3, 2027.
Stop rates saw increases compared to the previous auction. The 91-day bill cleared at 16.05%, the 182-day at 16.19%, and the 364-day at 16.35%. These represent increments of 10 basis points, 5 basis points, and 20.1 basis points, respectively.
The auction results highlight sustained investor appetite for risk-free government instruments, particularly for longer tenors. This demand is largely driven by institutional investors aiming to secure yields over extended periods.
Auction Breakdown:
Total Offered: N1.0 trillion
Total Subscriptions: N2.160 trillion (2.16x oversubscribed)
Total Allotment: N1.457 trillion
91-Day Bill (Maturity: September 3, 2026)
- Offer: N100 billion
- Subscription: N131.18 billion
- Allotment: N131.18 billion
- Range of bid rates: 15.0000% – 16.0500%
- Previous stop rate: 15.9500%
- Current stop rate: 16.0500% (up 10 basis points)
182-Day Bill (Maturity: December 3, 2026)
- Offer: N100 billion
- Subscription: N83.55 billion
- Allotment: N82.98 billion
- Range of bid rates: 15.5000% – 17.0000%
- Previous stop rate: 16.1400%
- Current stop rate: 16.1900% (up 5 basis points)
364-Day Bill (Maturity: June 3, 2027)
- Offer: N800 billion
- Subscription: N1.946 trillion
- Allotment: N1.243 trillion
- Range of bid rates: 15.5000% – 22.0000%
- Previous stop rate: 16.1490%
- Current stop rate: 16.3500% (up 20.1 basis points)
