The Central Bank of Nigeria (CBN) conducted its Treasury Bills Primary Market Auction on Wednesday, April 8, 2026. Total subscriptions rose to approximately N2.95 trillion, significantly exceeding the N700 billion on offer, despite a decline in stop rates for some maturities.

The auction results show that the apex bank allotted a total of N731.37 billion across the three tenors. This allotment was about 4.5% higher than the planned N700 billion offer, aligning with the CBN's Q2 Issuance Calendar.

The auction featured the 91-day, 182-day, and 364-day instruments. The one-year bill, the 364-day instrument, continued to attract the bulk of investor interest.

While stop rates declined for the medium- and long-term tenors, the short-term rate remained unchanged. This indicates a stable yield environment at the front end of the curve, even as liquidity conditions improved.

What the data is saying

The auction results indicate that demand remained heavily skewed toward the 364-day Treasury Bill. Investors showed a strong preference for locking down yield for longer-duration securities.

• The CBN offered a total of N700 billion across the three maturities: N100 billion for the 91-day bill, N100 billion for the 182-day bill, and N500 billion for the 364-day instrument.
• Total subscriptions surged to about N2.95 trillion.
• The 364-day bill alone attracted approximately N2.63 trillion in bids against the N500 billion offered, with N549.50 billion eventually allotted.
• The 182-day instrument recorded subscriptions of N227.94 billion, while the 91-day bill saw N96.78 billion in demand.
• Allotments settled at N94.82 billion for the 91-day bill and N87.05 billion for the 182-day bill.
• Stop rates stood at 15.95% for the 91-day bill, 16.19% for the 182-day bill, and 16.20% for the 364-day bill, respectively.

The data indicate a persistent investor preference for longer-tenor securities. This is driven by the desire to lock in relatively higher yields over an extended period, despite a fall in the stop rates on longer-dated bills.

More insights

Pricing dynamics at the auction reflected a mild downward trend in yields for the medium- and long-term instruments. This points to improved liquidity and sustained institutional participation.

• The stop rate on the 364-day Treasury Bill declined by 0.23 percentage points to 16.20%.
• The 182-day bill also dropped by 0.23 percentage points to 16.19%.
• Meanwhile, the 91-day bill held steady at 15.95%, indicating stable expectations at the short end of the market.
• The decline in stop rates despite strong demand contrasts sharply with the trend in the previous auction, where rates trended upwards in spite of robust system liquidity.

It suggests that investors are willing to accept slightly lower rates to secure risk-free government instruments.