Nigeria’s Treasury Bills Auction Hits N2.78 Trillion Subscriptions, Oversubscribes N850 Billion Offer
Nigeria’s latest Treasury Bills (T-Bills) Primary Market Auction, conducted by the Central Bank of Nigeria (CBN) on March 11, 2026, recorded unprecedented demand, with subscriptions totaling N2.78 trillion—more than double the N850 billion initially on offer. Despite a slight drop in the stop rate for longer-term bills, investor appetite remained robust across all maturities.
The auction featured 91-day, 182-day, and 364-day instruments, with demand heavily concentrated on the 364-day Treasury Bill. While the short-term instruments remained stable, investors appeared willing to accept slightly lower yields on the one-year bill to secure longer-term returns. The CBN ultimately allotted N933.92 billion, slightly above the initial offer, highlighting the high demand.
Data from the auction shows that the 364-day bill alone attracted N2.57 trillion in bids against a N600 billion offer, with N731.81 billion allotted. Meanwhile, the 91-day and 182-day bills received N131.12 billion and N82.34 billion in bids, respectively, with allotments of N130.74 billion and N71.37 billion. Stop rates settled at 15.95% for the 91-day, 16.65% for the 182-day, and 16.72% for the 364-day bill.
The slight decline in the 364-day stop rate reflects stable system liquidity and a strong investor preference for longer-duration, risk-free assets. Pricing dynamics across shorter and medium-term bills remained steady, indicating consistent expectations for yields in Nigeria’s fixed income market. Investors continue to prioritize attractive long-term returns amid a stable economic backdrop.
This auction mirrored the March 4 Treasury Bills auction, which also saw overwhelming demand for the 364-day instrument. While shorter-tenor bills received relatively softer demand, long-term bills remain the primary target for investors seeking secure, predictable returns. The trend underscores the ongoing search for attractive yields and confidence in Nigeria’s fixed income instruments.
source: nairametrics