The Central Bank of Nigeria (CBN) allotted a total of ₦894.17 billion at its Treasury Bills Primary Market Auction held on April 22, 2026, following a sharp surge in investor demand and stable stop rates across all maturities.
Auction results show total subscriptions climbed to ₦2.36 trillion, far exceeding the ₦750 billion initially offered across the 91-day, 182-day, and 364-day tenors. In response, the CBN increased allotments above its original offer—particularly at the long end of the curve—while keeping rates unchanged.
Demand remained heavily skewed toward longer-dated instruments. The 364-day bill dominated activity, attracting ₦2.12 trillion in subscriptions against an offer of ₦550 billion, with ₦753.45 billion eventually allotted.
The 182-day tenor recorded ₦172.08 billion in subscriptions compared to ₦100 billion on offer, with ₦76.24 billion allotted. By contrast, the 91-day bill saw softer demand, with ₦72.73 billion subscribed against a ₦100 billion offer, and ₦64.48 billion allotted.
The pattern underscores a sustained investor preference for longer-term instruments, while appetite for short-dated securities remains relatively muted.
Stop rates across all tenors were unchanged, signalling a pause in the recent yield adjustments observed earlier in the month. The 91-day bill held at 15.95%, the 182-day at 16.19%, and the 364-day at 16.20%.
Notably, stop rates remained higher than secondary market yields across all maturities. The widest spread was recorded on the 364-day bill at +0.35%, indicating that investors were willing to accept slightly elevated primary market rates to secure allocations.
As part of its broader Treasury bills strategy for the second quarter of 2026, the apex bank plans to raise about ₦3.95 trillion, with a net issuance target of ₦750 billion.
So far in April, the CBN has conducted two NT-bills auctions, offering ₦700 billion on April 8 and ₦750 billion in the latest round. However, total allotments have reached ₦1.63 trillion, surpassing the planned monthly offer of ₦1.45 trillion.
The persistence of relatively elevated stop rates above secondary market yields suggests continued efforts by authorities to sustain investor interest in Nigeria’s fixed-income market, even as reliance on short-term instruments remains a key liquidity management strategy.
